Japanese Electric Power Company Partners With Bank, University on Blockchain Research

A four-way partnership between major Japanese companies will conduct research into the possible use of blockchain in distributed electricity supply.

A four-way partnership between major Japanese companies will conduct research into the possible use of blockchain in distributed electricity supply, a press release announced Monday, Oct. 15.

Kansai Electric Power Co. (Kepco) will work with Mitsubishi UFJ Bank, IT service management company Nihon Unisys, and the University of Tokyo on the project, which looks at allowing solar power suppliers to sell excess energy to consumers.

“Due to the widespread use of renewable energy such as solar power generation, the current power supply system has been changing from a conventional large-scale intensive type to a self-sustained distributed type, and in the future, with electric power consumers there is a possibility that electricity will be directly traded […] through a dedicated platform,” the release forecasts.

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