Another important partnership between two blockchain-related companies has been signed by Power Ledger and Silicon Valley Power. The main intention behind this agreement is to track renewable energy use of electric vehicles.
Blockchain for Electric Vehicles
Electric Vehicles are spreading all over the world, and in the next years the number is expected to keep growing. The Startup Power Ledger has been working with blockchain in order to power peer to peer renewable energy projects in different countries.
This time, with the partnership with Silicon Valley Power, the company announced that it is launching its first carbon credit project. At the same time, they are partnering with the Clean Energy Block Chain Network with the intention to create a record of Low Carbon Fuel Standard (LCFS) transactions.
Using Power Ledger’s blockchain technology, which is able to track important information about the vehicle and its consumption, it will be capable to store, use and audit it in a transparent way. Moreover, it will be able to cut times and costs of processing LCFS credits by digitizing the management system.
Power Ledger Managing Director and Co-Founder David Martin said:
“Silicon Valle Power is a leader when it comes to implementing innovative customer programs with cost-saving technology and digital accountability. We’re excited to demonstrate how the platform can assist with cutting both costs and carbon in a simple manner with a secure and clean energy source.”
Currently, the Low Carbon Fuel Standard as it is administered by the California Air Resources Board (CARB) is an onerous process, according to Rick Kubin, vice president of the Clean Energy Blockchain Network.
“Because of these issues in managing it at scale, although the program is available to any utility, it’s only been the big three investor-owned utilities – Pacific Gas & Electric, Southern California Edison and San Diego Gas & Electric – that have done anything with it,” explained Mr. Kubin.