- Venezuela’s Maduro Regime Targets Cryptocurrency Remittances to Finance Itself
- Avnet and Bitpay Partner Up to Enable Cryptocurrency Payments
- Bitmain Claims its New Miner Z11 Is 3x More Powerful Than its Predecessor
- Digitec Galaxus Becomes the First Swiss Online Retailer to Accept Cryptocurrencies
- The Winklevoss Twins Don’t Seem Bothered by the Crypto Winter
Innovations powered by blockchain are coming to light every day, and new uses of the distributed ledger technology are being realized regularly, allowing blockchain to seep into every part of life. Now, the Japanese IT giant Fujitsu has developed a blockchain-based system for electricity exchange between enterprise consumers that aims to facilitate a more stable energy supply at peak periods.
The news was announced by Fujitsu on Wednesday. Fujitsu said that they had collaborated with electric power distribution company ENERES to test the patent-pending blockchain system. The testing process revealed that the blockchain system was able to achieve roughly 40 percent improvement compared to an existing system called demand response.
DR or demand response allows electricity consumers to help balance the demand and supply of power via reducing their electricity usage during peak periods. In return, users are awarded incentives. Fujitsu argued that DR has the potential for improvement, stating that the power aggregators currently interact with electricity consumers on an individual basis to achieve power-saving targets. However, with the help of blockchain technology, Fujitsu was able to build a system that can improve this process.
The blockchain-based system can quickly calculate how much energy is available from sellers and match that with available buy orders in order to receive a faster response and peak times.
“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,” the press release reads, noting that, “The result was an approximately 40% improvement to the DR success rate.” The company hopes better efficiency will, in turn, inspire more consumers to sign up for DR.
Fujitsu has been involved in several previous blockchain-based projects. Back in October, the firm developed an inter-bank settlement system using the tech in an attempt to achieve the low-cost transfer of smaller transactions. The firm also launched a data storage system based on blockchain technology in 2018.