South Korean Authorities To Invest In Blockchain Power Plant
The administration of the South Korean Busan, the second most populated city after the country’s capital Seoul, decided to back up an initiative that combines innovative energy and crypto technologies. The authorities will invest about $3.5 million to create a virtual power plant, powered by a blockchain, Yonhap News Agency reports.
Such power plants operate on cloud technologies and use several energy sources, distributing the load between them for optimal consumption. The future project in Busan will integrate factories, public facilities, and solar-powered stations on the blockchain, accessible to the residents. The distributed ledger will presumably serve to exchange data between different sources of energy.
The project is to be introduced during the national competition in 2019, which is organized by an electricity utility corporation of South Korea. The idea to build such a power station reportedly belongs to the city of Busan itself, as well as to its national university and the power companies Nuri Telecom and Busan City Gas.
Earlier, the Busan authorities considered building a special DLT and crypto-friendly region in the city, aimed at developing these technologies. Also, the local administration is planning to create a blockchain hub here — similar to the Crypto Valley in Switzerland, which will be located in the southern part of the city, in a tourist district Haeundae.
Previously, Ledger announced the development of a solution for green energy. It will allow measuring, recording, and protecting data, which comes from renewable energy systems, on a blockchain.