South Korea’s largest power provider, KEPCO has confirmed in a press release on November 19th that its next-gen solar micro grid will be using blockchain technology, as well as using other energy solutions.
KEPCO’s new Open Micro Grid will utilise blockchain tech to expand the energy industry in South Korea, primarily focusing on the hydrogen industry. The state-run corporation has a market cap of $15.9 billion and a seemingly perfect monopoly over the power market in the country.
The company’s also known for ranking first in the customer satisfaction category nationally for 13 years in a row. KEPCO is also collaborating with IBM in taking part to build South Korea’s Smart Grid Project to reduce the country’s greenhouse gas emissions and increase efficiency in power distribution. The company took its services overseas with the exporting of a nuclear power plant to UAE in 2009. Additionally, KEPCO has undertaken projects in Indonesia, Myanmar, Cambodia, Vietnam, Egypt, Ukraine, Paraguay and to a controlled extent in North Korea.
KEPCO’s set new industry standards by drawing on this technology, which brings on an additional fuel cell according to the report. This move adds to the country’s self-reliance and efficiency in energy without sacrificing it for additional greenhouse gas emissions.
Taking measured steps as of now, the company’s goal will be to expand this to a much larger scale to generate power in megawatts, driving efficiency up.
The University of Tokyo and the Mitsubishi UFJ Bank has partnered up with the power giant to help develop the Blockchain technology to be applied in the electricity supply grid, setting a precedent for the industry in new power distribution techniques.