Korea Electric Power Corporation (KEPCO), South Korea’s largest power supplier, has signed a contract with two domestic providers to develop a blockchain-based system for transacting Renewable Energy Certificates (RECs).
As reported by Cointelegraph, KEPCO – a US$15.9 billion market cap corporation in which South Korea’s government and the state-controlled bank hold a majority stake – signed a business agreement with Nambu Electric Power that follows an earlier contract to develop the blockchain-powered REC system with Korea Southern Power Co.
As per the arrangement, the three suppliers will work to establish a collaborative system to implement a government-led blockchain pilot project for REC transactions under the supervision of the Ministry of Science. After completing the public pilot, the organizations plan to follow up and develop the project with a focus on commercial applications.
The implementation is expected to substantially improve the transparency and efficiency of transactions for new renewable energy supply certificates, with aims to contribute to early market development and job creation in the domestic blockchain sector.
Shin Jung-sik, president of South Power, outlined in a statement that KEPCO had announced in 2018 that it would be using blockchain technology and other innovative energy solutions to build its next-generation micro grid.
The organization stated at the time that its intention was to focus on the three key trends driving the future of the energy industry, namely decentralization, decarbonization, and digitalization.
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