Korean Power Provider KEPCO to Utilize Blockchain Tech to Build Next-Gen Solar Micro Grid
KEPCO, the largest power provider in South Korea, has affirmed that the company will start using the blockchain technology and other innovative energy solutions in order to develop its next-gen micro grid. The information was originally sent to the media via a press release today, November 19.
With a market cap of $15.9 billion USD, KEPCO is a state-based company that has a virtual monopoly over the power generation in the country. The new Open MG (micro grid) of the company will harness the blockchain tech and some other technologies as a way to improve the energy infrastructure of the company, particularly the local hydrogen industry and its economy.
This way, the new service will focus on decentralization, digitalization and decarbonization of the hydrogen industry, as these three trends will drive the future of the industry in the country, the press release has reported.
The company has also created some popular products in the country like a stable power energy like small PhotoVoltaics that is used to generate solar energy and wind turbines, as well as the popular energy storage system developed by the country.
About KEPCO’s Open MG
The new KEPCO Open MG will draw on an additional fuel cell that will be used by the company. This new power cell will be a power source that will increase the energy self-reliance and the efficiency at large of the structure without emitting any greenhouse gas.
By turning this new technology into the standard, the company has prevented a system bottleneck and the fragmentation of the whole industry, the report affirms.
The objective of the company will be to use the Open MG technology to create a full scale mega-wattage scale micro grid in South Korea. This would drive efficiency up.
KEPCO has partnered with the Mitsubishi UFJ Bank and the University of Tokyo for the development of the blockchain technology that will be used for the distributed electricity supply grid.