Japan turns to blockchain for trading extra power

Fibo Quantum

Tokyo Electric Power Company Holdings Inc (Tepco) has partnered with Itochu Corporation, a Japanese major trading company, to build a blockchain-based system for trading surplus electricity. 

Households in Japan will be able to use the new system within three years, Cointelegraph reported, citing Nikkei.

If successful, it will be the first instance of surplus electricity trading between households in Japan. 

Tepco and Itochu will give households AI-based storage batteries and solar panels for free. The AI technology controls the amount of generated and consumed energy and calculates surpluses for trading.

Blockchain technology will be used to enhance “the safety of communication.”