Blockchain Technology Proves To Be Helpful In New Use Case with Power Supplier Kyocera – Energy Distribution

The benefit that blockchain technology offers is that it can track nearly anything. With a code or even an identifying number, the distributed ledger can follow along with various types of products and currency. Kyocera, a solar power supplier in Japan, has decided that blockchain technology could be just what they need to improve energy distribution.

To make this option into a reality, the supplier has partnered with LO3 Energy for a trial of virtual power plants (VPP) with blockchain technology. The trial is planned for February 28^th, which will make it possible for the companies to see how realistic it is to use VPPs for a low-carbon society or carbon emissions. The blockchain simply gives the companies the ability to set up a peer-to-peer distributed consensus network.

Kyocera plans to use their solar photovoltaic (PV) modules and batteries for the setups of the smaller VPPs. They have been providing in the development of solar power generating systems and storage batteries for Japan’s government-led VPP test projects. Their work will continue on in remotely controlled distributed power resources.

LO3 Energy, which is based in New York, will be controlling and managing the energy flow with the use of blockchain technology. It is also used for the verification and recording of transactions. Their energy will be gained through solar panels on a microgrid, and they will not harbor the energy made by large energy grids.

Speaking on the necessity to reduce carbon emissions, CEO Lawrence Orsini of LO3 Energybelieves that their work will ultimately impact energy providers worldwide. By implementing blockchain technology as a way to make micro-energy transactions possible, the reduction of emissions can be substantial.

Orsini added that the combined efforts of Kyocera’s familiarity with the energy industry and LO3’s blockchain technology expertise can push the industry forward in their use of virtual power plants. Furthermore, this transition will reduce the carbon footprint that Japan has on the world, considering all of the electricity that its cities use.

Global tech giant IBM is also trying to make a difference in the energy sector. In a partnership with blockchain company Veridium Labs in May of last year, the two entities aimed to tokenize carbon credits, making it possible for companies to see how big their carbon footprint truly is with blockchain. This information and research are also helpful for issues relating to global warming.

Nature Sustainability, a science journal, published a report in November 2018 that outlined the energy consumption that crypto mining processes taking up, saying that they exceed mineral mining. In fact, the mining of major cryptocurrencies like Bitcoin and Ethereumexceed that of the energy used to mine copper, gold, and platinum.

Source: Bitcoin Exchange guide