Australian Government to Provide $8 Million in Grants for Blockchain Smart Utilities Project

The Australian government has pledged to provide over AU$8 million in grants for the development of a blockchain-powered smart utilities project.

Of the said amount, AU$2.57 million will go directly to the project, which will be established in Fremantle. AU$5.68 million will then be given through project partners that include blockchain firm Power Ledger.

In a blog post on the website of the company, “The project is trialing the use of blockchain-powered distributed energy and water systems and was the second largest recipient of the Grant across all of Australia, following behind the ‘Switching on Darwin’ project.”

The pilot will examine how cities can use blockchain technology and data analytics to integrate distributed energy and water systems. The trial is being done in partnership with academic and technology institutions such as Curtin University, Murdoch University, LandCorp, CSIRO and Cisco.

Curtin University is to oversee project management and carry out research supporting the trial.

But how will it work? The post went on the explain the mechanics of the project, saying:

“The trial will involve highly resilient, low-carbon and low-cost systems installed and connected using blockchain technology. A large solar photovoltaic (PV) plant, rooftop solar PV panels, a precinct sized battery, an electric vehicle charge station and precinct water treatment and capture systems will be orchestrated using blockchain technology and data analytics, and demonstrate the interconnected infrastructure of future smart cities.

“Onsite energy generation at water treatment systems will also circumvent the need for costly distribution overhauls, as they are due for a $3million upgrade to increase capacity. The project will provide the community with financial and service sustainability while still engaging the private sector,” the post elucidated.

The pilot is projected to kick off in the next two months, and will continue for two years.
Click here for more information about bitcoin

Leave a Reply

Your email address will not be published. Required fields are marked *