Korea Electric Power Corporation (KEPCO) has unveiled the Open MG, an initiative aimed at developing micro-grids based on the blockchain technology.
The company’s new concept envisages the development of a micro-grid based on renewables which would be able to, through a power-to-gas technology, convert excess power into hydrogen, store it and then convert it again to electric through fuel cells when necessary.
The blockchain technology, the company said, will be used to enable easy connection, while improving operational efficiency. Furthermore, it claims that the blockchain-based project will allow grid operators, customers and energy players to take part in the marketplace and interact beneficially with each other.
The Open MG project is also said to include the construction of the world’s first MW-sized energy-independent microgrid. No further details were shared, however.
Curiosly, another company named KEPCO, which is one of Japan’s largest utilities, announced in mid-October that it had begun testing a blockchain platform to determine how power consumers and PV system owners can trade surplus electricity.
The number of pilot projects involving solar and blockchain has increased exponentially in recent months. The World Energy Council, in partnership with auditors PwC, recently interviewed 39 top level management energy leaders to ascertain whether blockchain is driving an evolution or revolution in the energy ecosystem.