Japanese energy company uses blockchain to improve trade

The Japanese energy companyKansai Electric Power will begin testing a blockchain-based system for trading renewable energy with the participation of the Australian cryptocurrency firm Power Ledger.

The Ministry of Economy, Trade and Industry of Japan decided to continue the sale of certificates for non-fossil fuels (NFV), which indicate the amount of energy received from renewable sources.

NFVs allow you to check which power plants contribute to the preservation of the environment and the development of environmentally friendly industries, along with the usual certificates confirming the generation of electricity using renewable energy sources (REC).

In this way, Kansai Electric Power will use the Power Ledger platform to track, trade and calculate the energy generated by solar systems.

The blockchain will allow you to track certificates throughout their validity period, reducing the likelihood of their reuse. In addition, energy producers can sell its surplus on the platform, and consumers can purchase green energy at a low price.

In addition, Kansai Electric Power customers will be able to present a certificate in the event of claims from the non-profit organizations Climate Group and the Carbon Disclosure Project (CDP) leading the RE100 environmental initiative. Earlier, the Australian company Power Ledger (POWR), engaged in the development of energy trading software and distributed ledger (DLT), announced the first blockchain-based p2p block testing.

Power Ledger later partnered with Powerclub, an energy trading company, to deploy its technology inSouth Australia.

The Indian state of Uttar Pradesh will also begin testing a solar energy trading project with Power Ledger.

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