Japanese IT giant Fujitsu recently announced that it has successfully tested a blockchain-based solution to address faults and negatives in electricity surplus management.
Accordingly, the firm has partnered with a local electric power distribution company called ENERES and achieved a roughly 40 percent improvement compared to an existing process known as demand response (DR).
According to the DR scheme, electric-based utilities and consumers coordinate in order to anticipate peak demand periods by ensuring surplus power is available to those who need it. The firm hopes that better efficient and stable electricity supply will in turn inspire more consumers to sign up for DR.
“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,” a press release reads.
Fujitsu has built several blockchain-based tools and systems in the recent past. In October 2018, Fujitsu developed a blockchain based loyalty scheme for the retail sector which was followed by plans for settlement infrastructure for a total of nine banks in Japan.