Kansai Electric Power (KEPCO) is moving forward with a blockchain-based renewable energy trading platform trial.
In order to do so, the company is working side by side with the blockchain-related company Power Ledger. The information was released by the company in a press release shared on December 9.
KEPCO Moves Forward With Its Blockchain Trial
As per the press release, KEPCO is going to extend its blockchain trial for its renewable energy trading platform. This is going to be very positive for a country that wants to increase the participation of renewable energies in the whole energy market. The firm will be starting this month and end in March 2020 with all the results.
According to the report, the Ministry of Economy, Trade and Industry announced it was going to extend the sale of non-fossil fuel value certificates, also known as NFVs. This allows consumers to know which is the portion of the energy they use that comes from renewable sources.
At the same time, it is also possible to use this platform in order to have a better idea about which firms that will provide the largest environmental value. In this way, they will have the possibility to promote and support investment in green industries.
The platform uses Distributed Ledger Technology (DLT) with the intention to track certificates and how they are used over time. At the same time, this reduces the number of times the certificates are used twice. Power Ledger plays an important role in providing the necessary solutions for this platform to move forward.
Companies can easily trade their energy surplus using the platform. This can help firms monetize their energy investments and allow customers to have low-cost green energy for their needs.
Considering climate change is putting pressure on developed and emerging economies, initiatives that promote and help renewable energies to expand will certainly help reduce the impact of contaminating energy sources.