Tokyo Electric Power, better known as TEPCO, has recently decided to devote itself to the investigation of distributed accounting technologies applied to the energy sector.
According to press sources , the company would have invested in the startup Electron, in the United Kingdom, at the end of 2017 with a view to obtaining more knowledge about blockchain solutions dedicated to energy transfer . The goal of TEPCO is to get rid of the obsolete centralized system that the firm currently has, updating it with a new decentralized energy saving infrastructure.
Electron has managed to simulate in the blockchain Ethereum data of 53 million points of measurement, called smart meters, in individual houses with 60 different suppliers, tests that have confirmed that transmissions can be executed 20 times faster than traditional systems . A change in communication time that could significantly improve the quality of services and could even be applied to various sectors, such as water supply and telecommunications.
The executive director of TEPCO, Shin-ichiro Kengaku, stressed that with this research the company could verify the “transformation potential” of the blockchain solutions, as well as obtain new data that could serve to improve the efficiency and savings of the company
On the other hand, Paul Ellis, CEO of Electron, commented that distributed accounting technologies could generate new levels of energy transaction and distribution in Japan, a promise that could considerably improve national services
Electron has dedicated itself to promoting blockchain technology in the energy sector, research that has produced increasingly surprising data on the scope of distributed solutions in this industrial sector.
In addition to this initiative with Electron, TEPCO has also shown interest in collaborating with other energy companies in order to position the blockchain tools in the system. Recently, the service provider announced a possible participation in the Web Energy Foundation (better known as the Energy Web Foundation), a project that raises the constitution of a distributed non-profit energy chain and at the service of all.
Tokyo Electric Power is one of the largest public service providers in Japan. It distributes energy to some millions of national homes, with subsidiaries in eight other countries in the region and a quotation of 456 billion dollars.