Power Ledger, an energy company based in Australia, has partnered with Japan-based Kansai Electric Power Co. (KEPCO) to test a blockchain system for “post-FIT (feed-in tariff) surplus power in the city of Osaka, reports CoinTelegraph.
This news comes to us via an announcement on August 12 made via Power Ledger, who noted that the test has been completed. Essentially, thanks to Power Ledger’s involvement, KEPCO was able to commit a peer-to-peer transaction of additional power, autonomously via smart contracts, and with cryptocurrency.
Commenting on the collaboration is one Fumiaki Ishida, representative general manager of KEPCO.
“Although there are still many challenges like amendments of relevant laws for commercialization, Power Ledger’s product presents significant opportunities for prosumers to sell their excessive energy at more advantageous prices and for consumers to buy it at more affordable prices.”
This isn’t the only case of blockchain power coming to be, however. Earlier this year, Marubeni Corp., a trading company in Japan, claimed that it was helping to fund a blockchain-based power trading system. That and its goal was to bring in “tens of billions of dollars” in power to companies that need it in Australia. Over there, citizens, companies, and more are running out of power consumers, and need other sources of revenue.
