The stock exchange operator, NASDAQ, has unveiled a unique new service that adds Internet connectivity to solar panels in a bid to increase adoption and fuel industry growth.
NASDAQ is using Blockchain technology and its own platform called Linq to launch this new solar service. Blockchain is a form of financial-based technology related to bookkeeping and electronic transactions.
Last month, the stock exchange giant opened up Linq’s API engine, which allows developers and utilities to sell solar certificates to those wishing to subsidize solar panels.
The certificates work by hard-wiring an IoT-enabled device onto the solar panel array that measures wattage and the power produced into the grid. Using this wattage info, solar power generators can sell their excess power to others.
The certificates can be sent from anywhere in the country, and once cryptographically verified by a financial institution, the power would be available to the builder, developer or anyone that purchased the solar certificate.
The solar panels are connected to the Internet with technology provided by Filament. According to CoinDesk, Filament is a Blockchain startup that has raised $5 Million since 2015 to develop technologies that allow traditional electronic devices to be connected online.
During a live test of the technology, a verified certificate representing solar power generated in the western U.S. appeared live on the screen in New York City, meaning that the western solar power became available on the East Coast immediately upon retrieval.
This new project is still under development but is helpful for builders and developers looking for alternative methods of solar power for their buildings and clients without installing a dedicated rooftop solar array.
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