Biggest Electric Power Company from Japan Makes Its Move in Blockchain Technology
Blockchain technology attracts more and more interested countries and especially institutions. After Russia announced about their investments in Blockchain System, it seems that other countries are following the same steps.
Japan is one of the countries that supports cryptocurrencies usage. The biggest and important energy enterprise in Japan, named Tokyo Electric Power Company (TEPCO) announced about their important investment made in Electron enterprise, based in United Kingdom.
The announcement was made on TEPCO’s official website on 19 January, 2018. The Managing Executive Officer at TEPCO, Shin-ichiro Kengaku affirmed about their collaboration that “We are excited to work with Electron to explore and obtain additional know-how on blockchain that has the potential to significantly impact the energy market. We believe it is very important to continuously seek new opportunities and create new value for society”.
Electron is a British company that creates blockchain solutions to develop new services in the energy sector.
What is the interest of TEPCO?
TEPCO wants to develop their energy potential. “There is a huge need to create a robust shared infrastructure that can identify and record the properties of these assets”, claimed Mr. Paul Ellis- CEO at Electron.
This collaboration will design for TEPCO new strategies. Also, it will provide to them an advanced know-how on blockchain technology, according to its strongest influencer on energy market.
Over 53 million metering points installed at individual homes are simulated by the Electron company. They use the Ethereum blockchain algorithm to succeed. Also, they think that energy supplying can be done faster and with lower prices.
TEPCO have already announced about their partnership with Energy Web Foundation on 10 May, 2017. They argued that “Blockchain technology can be used to reduce the cost of utility bills. It also has the potential to play a game-changing role in the energy sector by allowing millions of energy devices to transact with each other”.
The biggest energy company in Japan seems to invest in the most important blockchain-based companies that are developing new innovations for energy sector.
What is the interest of Electron?
The CEO of Electron company added that “TEPCO is an energy industry leader for innovation in Japan, so we are delighted to partner with them to explore expanding our services offerings in other markets”.
It seems like a win-win project. One needs investments in their technologies and another needs to exploit new opportunities and to become the first one who will change the standards.
We are impatient to see the consequences of this collaboration. What’s your opinion about it?