Kepco is the second largest energy provider in Japan, and a lot of its power comes from solar sources. In a bid to better distribute and pay consumers for their power contribution to the grid, Kepco has teamed up with Power Ledger to create a blockchain trading system for solar power. Using the new blockchain solar power trading system, Kepco and consumers can buy and sell the solar power they generate with one another. The current system for buying and selling solar power is far from perfect, with transaction speeds being a major issue, something that this blockchain system aims to fix.
Instant Payments for Power Sold
If you have solar panels on your property, you can sell the excess power back to the grid. However, this is often tracked inefficiently and payments can take a significant amount of time to make it into people’s bank accounts. This means people who generate power and sell it to the grid are having to wait up to a month before they receive their money. Using the new blockchain system, as soon as the power has been sent to the Kepco grid, money will be instantly accredited to their account.
Refueling Aircraft with Similar Tech
This is virtually the same system that S7 – a Russian low-cost airline – and Gazprom Neft are working on to handle the refueling of aircraft. Under the new blockchain system, smart contracts will be used to make the refueling process of aircraft similar to how cars are filled up – put the hose in, fill up, and then pay. Under the old system the fuel is pre-bought, meaning that if the flight lands late or Gazprom Neft’s refueling handlers on the ground are temporarily unavailable, money goes to waste and fuel is wasted. Blockchain and smart contracts streamline this and eliminate the risk for both parties.
Blockchain Proving its Worth
Companies around the globe are all looking to implement blockchain in their businesses, but not all areas will benefit from a blockchain injection. One area that will benefit greatly from blockchain tech is the stock management and tracing area – specifically for stores. Walmart is taking advantage of blockchain technology in order to trace produce back to the farms it was grown on. Following a major E. coli outbreak this year, Walmart has put a plan in place to cut the trace time down from around a week to a handful of seconds. This will help maintain profit margins and reduce the risk to human lives from questionable produce – a worthy application of blockchain technology.
This new blockchain system for solar power-sharing through the national grid will help make people’s lives easier, as it will encourage new people to start producing solar power. With faster payment times, there is more incentive for the public to join the solar power revolution. Keeping energy green and clean is important, so keep up the good work Kepco!