Blockchain is the new frontier shown up in in the energy department’s worldwide after strongly growing in the finance sector.
Recently, TEPCO and Itochu Corporation have been partnered up to implement the blockchain system in a trading surplus electricity. For those of you who don’t know about TEPCO, abbreviated as Tokyo electric power company holding, Inc. is the largest power company in japan holding a revenue of about 5.3 trillion Japanese yen.
The company is serving millions of Japanese homes and businesses for a very long. As per the news, this new blockchain system will be getting ready in 3 years. The systems will be available all over households and businesses in Japan.
The new blockchain initiative between TEPCO and Itochu Corporation
Both the companies have been partnered up to build a system to buy and sell surplus electricity of homes. An artificial Intelligence equipped solar battery will be used to control all the functionality. It will be used to control the amount of power generation.
There will be a solar panel installed in every household for this purpose. The verification test for this new project will be begun in the financial year 2021. The firm is wishing to collaborate with governments. The AI battery will calculate how much a single house has consumed power and how much power is ready to trade. The basic narrative of this initiative is to enable households to trade their own generated power for their good.
Blockchain is going to transform Power Industry
The global power industry has undergone many transformations over a year. The main theme is to make the power industry more efficient to use and reliable.
The same type of project was signed back in April between western Australia and Niche living, the biggest residential developer in Perth to build a system using blockchain to provide residents renewable energy which is totally 100%. The tracking of their energy systems seems like the same as the tracking of the Japanese blockchain initiative.