Tokyo based leading Electrical Power Company Holdings Inc., or Tepco, has collaborated with renowned Japanese trading company Itochu Corporation and began building a blockchain-based system to trade surplus electricity.
In line with a recent report by Nikkei, the new system is expected to be available to households within Japan in next three years. The firms decide to collaborate with the native governments and begin a proof-of concept by March 2021.
If successful, it’ll be the primary instance of surplus electricity trading between households within Japan.
Tepco and Itochu will give households AI-based storage batteries and solar panels for free of cost. The AI technology controls the quantity of generated as well as the consumed energy and even calculates surpluses for trading.
Blockchain technology would be be employed to enhance “the safety of communication also. ”
Tepco and Itochu’s initiative follows similar ones that are cropping up internationally. Earlier in April, Australian blockchain firm Power Ledger partnered with a medium-density residential developer in Perth, Nicheliving, to develop a blockchain-based solar power trading platform for the native residents over subsequent three years.
The energy trading system appears to be almost like Tepco and Itochu’s. Blockchain technology tracks energy consumption while AI permits users to sell surplus to other residents.
Power Ledger’s platform will be primarily utilized in 62 apartments in Nicheliving’s flagship SkyHomes development in Inglewood, followed by 10 further developments within the Perth metropolitan area.