Fujitsu uses blockchain technology to create new energy exchange system for electricity consumers

By Laura Mullan
Fujitsu Limited and Fujitsu Laboratorieshave used blockchain to create a new system whereby consumers can trade electricity during energy shortages and...

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.

SEE ALSO:

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."

Share

Featured Articles

TECH LIVE LONDON: An overview of the hybrid technology show

We take a look at the first day of Tech Live London with insights from technology leaders from companies such as IBM, Microsoft and Vodafone

TECH LIVE LONDON: Begins tomorrow at 10am!

Our marquee technology event is nearly here. There's still time to claim your free ticket (worth £295). Look forward to welcoming you to the Tobacco Dock!

Executive Q&A: Marc Lueck, CISO EMEA, Zscaler

As we prepare to welcome the Zero Trust leaders to TECH LIVE LONDON this June 23-24, we take the opportunity to chat to Zscaler CISO of EMEA, Marc Lueck

TECH LIVE LONDON: Registering, networking and logistics

Digital Transformation

New speaker from Infosys announced for TECH LIVE LONDON!

Digital Transformation

New speaker from Bernadette announced for TECH LIVE LONDON!

Digital Transformation