Japanese company to sell surplus energy using blockchain

Tokyo Electric Power Company Holdings Inc has entered into a partnership with Itochu Corporation todevelopment of a blockchain system for trading in excess electricity.

As reported by the Japanese publication Nikkei, the systemwill be put into commercial operation within three years. The proof of concept will be developed jointly with local authorities and presented by March 2021. If the system is launched on time and successfully used, it will be the first example of trading 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."

Let us remind you that a similar platformIt is currently being developed by the Australian company Power Ledger and the Thai firm Thai Digital Energy Development. The TraceX REC platform will enable peer-to-peer energy trading between individual users and “virtual” power plants.

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