The news marks the latest trial of blockchain in electricity supply, with various schemes currently underway worldwide.
In Spain, in a project of a different kind — a 300 megawatt cryptocurrency mining farm — will use solar power and in the future sell energy directly to users without intermediaries, its owners claimed in June.
For the Japanese study, the release continues that Nihon Unisys will develop the system, while Kansai Electric will “construct and demonstrate the demonstration system at the same experiment center and the University of Tokyo will evaluate and summarize the research.” Mitsubishi UFJ Bank’s role will be to give advice on the application of blockchain to settlement and transactions.
The partnership is not the first to involve the country’s utilities heavyweights and blockchain tech. In March, Japan’s third-largest energy provider — the Chubu Electric Power Company — announced it would work with Internet of Things (IoT) startup Nayuta Inc and software company Infoteria to explore blockchain’s use in tracking electric vehicle charging.
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