According to an official announcement published by Power Ledger, the Australian energy technology firm has just concluded a test of a new blockchain system, in partnership with Japanese electric utility firm, Kansai Electric Power Company (KEPCO). The trial was for a blockchain-based illustration of peer-to-peer transactions for post-FIT (feed-in-tariff) surplus power in Osaka.

First announced in April last year, The tested system allowed Japan’s KEPCO to automatically transact surplus power and settle payments using cryptocurrency. Now that both companies have proven the system to be working and efficient, the announcement suggests that the system can be easily deployed in homes and microgrids as well.

KEPCO’s representative general manager, Fumiaki Ishida, has touched on the significant advantages a system like this brings to the power sector.

“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.”

Power Ledger has further expressed its commitment to the growth and development of the power sector, using digital methods to ensure more efficiency and satisfy customers. Its managing director, David Martin, corroborated this saying:

“Power Ledger looks forward to building on this success and continuing to work to support KEPCO’s innovative plans to maintain its leadership position in the energy transition.

Blockchain and Power

A trading company in Japan, Marubeni Corp., also announced its support for a blockchain platform for energy trading back in June. This platform aims to take advantage of the Australian multi-billion dollar market to solve the problem of a dwindling number of heavy energy users.

Image Credits: Stock Photo Secrets

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