Blockchain start-up Candela Coin has created a consumer-facing solar energy exchange.

The Washington DC company produces a cryptocurrency that allows holders to take part in the decentralised blockchain based peer-to-peer transactive solar energy system.

People across the globe will be able to transfer solar energy to others in their communities using Candela Coin as a medium of exchange. Solar panel owners will be able to sell excess solar energy to neighbours and others in their communities. Those who purchase solar energy from the solar panel owners will be able to get cheaper clean energy without having to buy a solar panel.

The blockchain based peer-to-peer transfer platform allows users to buy, sell or store solar power, allowing energy to be more accessible and sustainable for the world.

Candela has developed a mobile app and web interface that acts as a solar energy marketplace by aggregating bid and ask prices set by the users. They have also developed an IoT device and smart meter.

The IoT device functions as a distributed computing node and an asset control switch. This device permits the designation of certain kWh units of locally produced energy to be marked and offered for consumption by adjacent local participants using the same component. The transaction is cleared within this system between the meters through M2M management and the app and web interface management of distributed ledger entries.

The concept of using blockchain technology to decentralise energy is a new but not novel concept. Candela’s goal is to create a seamless single point of transaction for easy buying, selling and storing of energy. Some past attempts have been unable to bridge the gap with some offering secondary markets, lack of liquidity, multi-token systems, or even inviting large corporate entities to invade the technology.

Candela Coin will remove the current infrastructure that keeps nations tied to these corporations and entities. The IoT hardware enables users to receive and store energy, while at the same time giving them a single point of seamless transaction to buy and sell energy.

“Candela’s open-source ecosystem allows users to participate in every way possible,” said Candela CEO Avi Verdugo. “Everybody is a contributor. By doing this we believe that we can truly democratise and decentralise energy. Ditch the grid with Candela coin!”