Fujitsu Limited and Fujitsu Laboratories have used blockchain to create a new system whereby consumers can trade electricity during energy shortages and surpluses.
The Japanese company says the system will allow electricity consumers to efficiently exchange any energy surpluses they may have through their own electricity generation or power savings.
Working alongside Japanese energy firm ENERES Co., Fujitsu has already used the system in a simulation.
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Fujitsu says that the technology will improve the success rate of demand resource (DR) schemes whereby utilities and consumers work together to control the amount of electricity used during periods of peak demand and receive incentives in return.
This will help to reduce energy consumption and contribute to a more stable electricity supply.
As the system is built on blockchain technology, Fujitsu says it will also guarantee transparency by recording the exchanges.
Fujitsu said that improving the DR success rate will encourage more people to take part in the schemes and will increase the use of renewable energy.
"In order to realize a carbon-free society, it is important to increase the success rate of DR, which indicates the ratio of consumers who are compensated for achieving their power savings targets," the firm said in a statement.
"It is also essential to secure an investment effect when consumers have joined the DR scheme and to increase the number of participants."