Japanese IT Giant Fujitsu Develops Blockchain-Based Electricity Sharing Project

by | Jan 30, 2019 | Blockchain, Cryptocurrency, Cryptocurrency News

Japan | Fujitsu | Blockchain |Electricity

Fujitsu, the Japanese IT firm successfully tested a blockchain-based solution for the inefficiencies in electricity surplus management. A local power distribution company ENERES partnered Fujitsu on the project.

According to the press release published by the company on Jan. 29, blockchain has been employed to increase the success rates of power sharing, that was administered through a process known as Demand Response (DR).

DR is basically an agreement between utility companies and consumers that is aimed to anticipate periods of peak demand by ensuring surplus power is available to those who need it. According to Fujitsu, the current technology uses makes DR an inefficient mechanism and blockchain has demonstarted improvement in the system.

The press release notes:

“Fujitsu has now devised a system in which electricity consumers can efficiently exchange among themselves the electricity surpluses they have produced through their own electricity generation or power savings. The result was an approximately 40% improvement to the DR success rate.”

Fujitsu hopes that the improved efficiency shall invite more consumers to sign up for DR. The company has been exploring the blockchain technology for quite some while. In June last year, a blockchain-based loyalty scheme for the retail sector was launched, followed by lans for settlement infrastructure for nine Japanese banks in October.

Read more: Pay For Your Uber Rides In Bitcoin By Using Vendit

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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