Power Ledger Blockchain Energy Trading Platform To Try P2P Energy Trading In Australia

In collaboration with the Shire of Wongan-Ballidu in Western Australia, blockchain-based energy trading firm Power Ledger has launched a trial of its blockchain-based power management technology in rural areas.

The blockchain startup will run this project in collaboration with Innovations Central Midlands WA, BSC Solar, Sonnen and CleanTech Energy. Starting with a trial at commercial sites in the Shire of Wongan-Ballidu and Moora, the company plans to expand its reach to other regional shires in WA.

David Martin, managing director and co-founder of Power Ledger says:

“The current energy system relies on large-scale power stations pushing energy to some consumers located hundreds of kilometres away. This requires an even further energy push when trying to reach regional areas such as Wongan Hills or Moora.”

Power Ledger’s platform will facilitate P2P energy trading between participants that include shire offices, CRC/Visitor Centre, a swimming pool, medical center, sports center, local farmer, mulch company, bakery, and two agricultural machinery dealerships.

While solar power is an attractive proposition for small communities, a significant part of the energy potential goes wasted. The current model offers no compensation to commercial sites that feedback their excess energy to the grid.

Regarding this, Martin says:

“We now have the ability to generate power from our rooftops, from renewable sources — and the existing energy system needs to transition or face an increasing crisis of relevance. If successful, which we believe it will be, this could REVOLUTIONIZE the way rural energy systems operate.”

Power Ledger has active projects in Western Australia metropolitan areas and in several countries around the world including Austria, Thailand, Japan and the United States.

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Author: Sritanshu Sinha

Islamic Expert on Shariah Acceptability: Halal Coin Is Only a Matter Of Time And Awareness

Islamic Expert on Shariah Acceptability: Halal Coin Is Only a Matter Of Time And Awareness

The Islamic financial world has some pretty big differences from its Western counterpart. For instance, in the Islamic regions of the world, the markets have to follow the Shariah, known as the Islamic law. There is not a complete separation between Church and State and this affects the economy as well.

As you may have expected, this obviously affects the crypto market, too. It is because of this that an Islamic expert called Suhaida Mahpot recently talked about the upcoming emergence of the “halal coin”. A halal coin would be a cryptocurrency that is “halal”, meaning that it is accepted by the Shariah standards.

One of the principles that a halal coin would need is to not be used in speculation, for instance. This is partly what makes the situation harder to define, as cryptos are often involved in speculation.

Mahpot, who is the CEO of Amanie Advisors, a Shariah advisory company, affirmed that it is only a matter of time and awareness before the first halal coin appears in the Islamic market. According to him, some investors are very skeptic of the Islamic market because of its own complex rules. This causes uncertainty and some investors simply decide that it will be profitable to invest elsewhere.

This is obviously bad for the countries, as they lose the change of getting investors that could help. Mahpot, which works in the industry for over 11 years, affirmed that Malaysia has a big potential for growth in the future.

Situation With Crypto Is Similar To Other Investments

According to Mahpot, the situation of the crypto market is very similar to two kinds of investments that were introduced in Malaysia before: Amanah Saham Bumiputera (ASB) and Amanah Saham Nasional (ASN).

He explained that the perception of these investments changed over time. They were created during the 90s and they are now considered “harus”, which means that they neither encouraged nor prohibited by the Shariah. Before there was consensus, there were plenty of doubts in the industry whether the investments were harus or “haram” (against the Shariah).

Now, the financial institutions of Muslim countries need more education about how cryptos work. Only this way they will be able to at least declare that they are harus. Without this, the uncertainty will be too big to convince investors to give the investment a shot.

Currency, Saudi Arabia and the United Arab Emirates are starting to work on the creation of a new cryptocurrency. Also, there are several companies which claim that they have created a fully halal token such as ADAB Solutions, which created the so-called First Islamic Crypto Exchange. So far, nobody actually accepted these tokens as halal.

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Author: Gabriel Machado

Investors Abandon Western Union as Facebook’s Libra Stablecoin Eyes Money Transfers Globally

Investors Abandon Western Union as Facebook’s Libra Stablecoin Eyes Money Transfers Globally
  • Customers are opting out of Western Union money transfers.
  • Facebook’s Libra will allow customers to send payments with no fees.

The cryptocurrency community does not often impact the traditional financial industry, but the GlobalCoin is causing a bit of a shift. Today, Facebook officially unveiled their Libra project, which will be the new cryptocurrency from the social media platform. With the work of multiple companies, Facebook stated that the cryptocurrency is not meant to launch until the first half of next year, but it appears to already have an impact on a Western Union.

According to reports from CNBC, Western Union’s shares dropped noticeably on Tuesday, which has been credited to the announcement of Libra. Libra will be offering users of the social media platform the chance to transfer money internationally, but without imposing any fee. Western Union provides the same service with cash, but these transactions incur a fee. Unfortunately, these conflicting services caused Western Union to drop by 1.7% on the S&P 500 index.

The cross-border payments, also known as remittances, are performed by Western Union as a bank, which receives the payment from the sender and sends it to the recipient. With Libra, users do not get a fee and they can use their local currency digitally. To make Libra possible, Facebook has already partnered with some prominent payment companies, including Visa, Mastercard, and PayPal.

In Western Union’s most recent quarterly report, the company revealed that approximately 80% of their revenue is made up of “consumer-to-consumer” money exchanges. The report, which was published in May, predicts that their non-adjusted earnings for 2019 would result in a price of $2.66 to $2.76 per share.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Krystle M