A group of Japanese technology and energy firms have expressed their great interest in helping the world cut down on carbon emissions. To achieve their clear-cut objective, they are embarking on the establishment of a pilot project which they believe will make it possible for the various consumers that live in urban areas to trade on renewable energy over the blockchain-based platform.
A person well conversant with the latest developments has moved ahead to state that if everything moves according to plan the project might start somewhere around June this year. Power Sharing, which happens to be an energy trading startup, is expected to the one supervising the entire project. In the same vein, it is also crucial to point out that the Tokyo Electric Power Co will be the one providing the required technological support.
In making its statement, Softbank has outlined that it will be lending its capacity in authenticating critical information in line with the renewable energy such as “how much, where, when, what and who.”What will follow thereafter will be the recording of the energy and data trades after which it will be transacted over the blockchain platform made by the joint partners.
The goal is to employ the customer-to-customer mechanism in incentivizing the various residents in rural Japan to switch to renewable energy. As a result, they will be able to sell any excess capacity and that will of course be in line with Japan’s effort to cut down on carbon dioxide emissions.
Fundamentally, the traditional centralized systems are also known for the provision of renewable energy trading. Quite a large number of partners have proceeded to offer an elaborate explanation outlining that matters got extremely complicated during those instances where they were used across the general consumers.
Most of the already established corporations have been doing all within their means to utilize blockchain technology in line with cutting down on the carbon emissions in the entire energy sector. The recent changes are happening at a time when most of the companies around the globe taking advantage of the various technological advancements to sharpen their competitive edge in the market.