Power Transition to energize the Hedera Hashgraph

Globally, national sources of energy generation are concentrated and centralized, making energy expensive and unsustainable. As the world transitions to a clean energy future renewable energy microgrids (small networks for local energy generation and sharing) provide social, ecological, and financial incentives for individuals to create and control their own energy.

The UK-based Power Transition company is developing a peer-to-peer energy trading platform using distributed ledger technology. Using Power Transition, anyone can generate and share energy on a microgrid. The project utilizes energy storage and power management systems to optimize multiple sources of energy supply and demand for flexible energy trading.

Jiro Olcott, Director at Power Transition, says decentralized governance, security, and stability will be critical to the success of the Power Transition platform. Olcott’s team evaluated several public distributed ledger networks before eventually opting to move forward with Hedera Hashgraph.

“With Hedera, Power Transition users can have a direct, peer-to-peer exchange of hbars for their energy. Our ‘integrated Microgrid As A Service’ (iMaaS) platform is built on the Hashgraph and can provide instantaneous micropayments while monitoring and managing individual units of energy throughout their life cycles with accountable pinpoint accuracy.”

Currently, the platform is being tested using homes and businesses in Corby, UK to achieve proof of concept and refine the interface. In 2020 the iMaaS platform will start supporting the National Electric Vehicle (EV) Charging Network, making it seamless for drivers to charge their cars throughout the country using built-in Hedera Wallets.