Fujitsu To Distribute Electricity On Blockchain
The Japanese IT company Fujitsu has successfully completed the testing of a blockchain solution, which is intended to eliminate the shortcomings in the process of redistributing the electricity flows, according to a press release.
Fujitsu, which cooperates with the Japanese energy company ENERES, has applied blockchain technology in order to distribute electricity more efficiently. The process of directing electricity flows is called Demand Response (DR), i.e. managing demand for electricity.
A DR-based agreement, signed by utility companies and end-users, implies determining the moments of maximum electricity demand and providing it to those who are most in need at the moment.
All parties acknowledge that the DR process is currently not always efficient, and blockchain technology will certainly improve it.
Fujitsu has developed a system in which electricity consumers can exchange its surplus, derived due to the economy or own production, among each other, as follows from the company's press release. The testing showed that the process of managing the demand for electricity improved by 40% with the use of blockchain.
The IT company hopes that the effectiveness of the blockchain solution will attract a large number of consumers.
In June 2018, Fujitsu implemented a blockchain project in the retail sector and in October began implementing plans to create a payment infrastructure based on blockchain for nine Japanese banks.
As previously reported, the Japanese company Mizuho Financial Group plans to launch its own cryptocurrency pegged to the yen in the spring of 2019.