June 14, 2021

Japanese company to sell surplus energy using blockchain

Tokyo Electric Power Company Holdings Inc has partnered with Itochu to development of a blockchain system for trading in excess electricity.

According to the Japanese edition of Nikkei, the systemwill be put into commercial operation within three years. The proof of concept will be developed jointly with local authorities and submitted by March 2021. If the system is launched on time and successfully deployed, it will be the first example of the trade in surplus energy between households in Japan.

As part of the initiative, companies will install for freein home ownership energy storage using artificial intelligence (AI), as well as solar panels. With the help of AI, the amount of generated and consumed energy will be controlled, as well as the amount of surpluses available for trade will be determined. Blockchain will be used to ensure "security of information exchange."

Recall that a similar platform nowdeveloped by the Australian company Power Ledger and the Thai company Thai Digital Energy Development. Using the TraceX REC platform, peer-to-peer energy trading will be provided with the participation of individual users and “virtual” power plants.