Fujitsu, a Japanese IT equipment and services firm has successfully completed trial on a blockchain-based solution to solve the inefficiencies common with management of surplus power.
Fujitsu in partnership with local Power Distribution Company ENERES, utilized blockchain technology to increase the success rate of electricity sharing, through a process called Demand Response (DR).
The idea behind the blockchain Demand Response (DR) is a scheme in which electric utilities and consumers of electricity cooperate to control the amount of electricity used during periods of expected peak demand by ensuring surplus power reaches those consumers who need it.
Speaking on the necessity of the DR blockchain process, the press release reads:
Fujitsu has now devised a system in which electricity consumers can efficiently exchange among themselves the electricity surpluses they have produced through their own electricity generation or power savings. The use of blockchain has greatly improved the current inefficient process with the DR to an approximately 40% better success rate.
The company though yet to get patent for this technology, has been involved in other blockchain-based projects notably an inter-bank system for settlements using blockchain to lower costs for small transactions.
By this improved efficiency in the electricity sharing process, Fujitsu believes it will inspire more consumers to sign up for DR. www.fujitsu.com
Africa (Nigeria) Reference and More Use-Cases for Blockchain Technology
Despite the dip in crypto prices, cryptocurrency’s underlying technology keeps breaking new grounds. With a number of active and emerging use-cases across various fields of human endeavour – from finance, registry systems, improved government processes, land settlement, resource management, oil/commodity trading (VAKT), electoral processes, commodity tracking, document/contract verification and more; the potential of blockchain technology for better efficiency, reduced cost, streamlined distribution chain and credibility of these processes is one that cannot be ignored.
In the energy sector specifically global electricity, there exists a growing need for a replacement of the old, analog, fossil-fuelled, centralized generation and transmission of electricity. This old system is pitched to be replaced by microgrids and the blockchain as the future of energy (renewable energy).
As kick started by growing use of solar devices, electric cars and other smart cum environmental friendly technologies, these current methods require a more distributed solution and decarbonized energy future; and this solution is blockchain.
In Africa, specifically Nigeria, there is a huge shortage of energy met by an exceeding demand for electricity over available supply. Also, cost of power generation and distribution is increasingly high; this need has given rise to large scale imports of noisy and environmentally harmful power generating sets which defeats the global green energy goal.
This electricity lag is a cause for concern for the region and global institutions hence the clamour for decentralized energy sources in unison with the emergence of blockchain technology which eliminates aggregators and intermediaries in the electricity supply chain.
Through blockchain technology, it is possible to create a transparent, secure, auditable encrypted ledger to record energy consumption, credit histories, allow cheaper electricity bills, easy payment and most importantly provide surplus energy trading between households hence giving consumers more control over their energy requirements and consumption.
To achieve this, there is need for government and private collaboration through shared interests, open investments and active participation of citizens in the initiative. A common frontier platform is being championed by the Energy Web Foundation (EWF) and a host of other firms to bring blockchain tech to all areas of the energy industry. https://energyweb.org/
Blockchain is the technology behind cryptocurrencies (notably Bitcoin), you don’t want to miss this financial revolution and emerging adoption…Proceed to BUY and SELL your crypto (Bitcoin) here: www.nairaex.com, its safe and reliable.