Australian energy technology company Power Ledger recently revealed after entering into a partnership with Kansai Electric Power Company (KEPCO), a Japanese electric utility provider, that the firms were successful in their joint trial involving energy trading on a blockchain platform.
According to Kryptomoney, Power Ledger issued an announcement detailing the success of the trial in which it teamed up with KEPCO to test a blockchain-based illustration of peer-to-peer (P2P) transactions for post-FIT (feed-in-tariff) surplus electrical power in the city of Osaka, Japan.
Power Ledger disclosed that the system enabled KEPCO to immediately transfer surplus electricity, as well as use cryptocurrency to handle payments. With the success of the trial, the decentralized system can be adapted for use in homes and with microgrids.
KEPCO’s General Manager Fumiaki Ishida emphasized the benefits of the decentralized ledger platform, which has the potential to transform the energy sector.
“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,” Ishida said.
Power Ledger also said it aims to further develop the use of blockchain in the energy sector to better serve customers. Managing Director David Martin added that new technologies can offer more efficiency to service providers.
“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,” Martin said.
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