Japanese company Marubeni Corporation joins forces with LO3 to launch blockchain-based energy solution
Marubéni Company, the fifth largest Japanese sogo shosha marketing a wide range of products and materials, has partnered with LO3 Energy, a US-based company that claims to develop distributed ledger technology (DLT) powered energy solutions. The collaboration will launch a pilot project to create a commercially available renewable energy market for Japan, according to a press release on February 20, 2019.
Marubeni joins the Blockchain movement
With the aim of transforming its energy business and creating a large-scale operational electricity grid, Marubeni collaborated with the LO3 blockchain platform to launch a pilot project in Japan.
As reported in a press Release, LO3 will oversee the development of a virtual energy marketplace that would use DLT to connect all of Marubeni’s power generation facilities and test simulated energy transactions. If all goes according to plan, the pilot project will be extended to serve the whole country shortly.
According to the team, the LO3 Energy platform was used to create the Brooklyn micro-grid, a public energy network that allows residents to produce, store and market clean and sustainable energy.
Specifically, the LO3 transactive energy platform uses standard electricity meters fused with blockchain-enabled TAGe computing devices.
TAGe devices are responsible for measuring useful energy data, as well as the quality of the electricity produced and also communicate with other devices on the grid to facilitate frictionless energy transactions.
Explaining further, the team made it clear that the actual electrons in the energy system would pass through the standard transmission network, while the blockchain network would handle transactions in the system.
As a result, the team says consumers will be able to choose their preferred energy sources and how much they are willing to pay for the renewable electricity delivered, through a dedicated mobile app.
Will Blockchain Technology Revolutionize the Energy Industry?
Although nascent, blockchain technology, the lifeblood of bitcoin and a vast majority of altcoins, is slowly gaining traction in many sectors of the global economy, including fintech and even health care.
Chief Operating Officer of Marubeni Power’s business division, Yoshiaki Yokota is not oblivious to the many capabilities of blockchain technology, and he hopes the innovation will enable the company to improve the efficiency of use. energy in Japan.
In January 2019, BTCManager informed that the US Department of Energy had released $ 4.8 million to help research and development in the blockchain technology sector and three other areas.
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