Korea’s largest power provider KEPCO has announced that it will use blockchain to develop its eco-friendly micro grid.
According to an official press release, “Open MG” will implement blockchain and other technologies to improve energy infrastructure, particularly for the local hydrogen economy. To this end, the energy giant will focus on decarbonization, decentralization, and digitalization — the three main “trends” driving the future of the energy industry.
As the press release outlines, KEPCO intends to develop the Open MG at full-scale and create the “first” mega-wattage (MW)-scale micro grid in Korea.
KEPCO is a $15.9 billion market cap corporation in which the South Korean government and state-controlled bank hold a majority stake; it has a “virtual monopoly” over power generation and distribution in the country, according to Asia-focused publication Nikkei.
As a reminder, last month, KEPCO partnered with Japan’s Mitsubishi UFJ Bank, IT service management company Nihon Unisys, and the University of Tokyo on a joint research project into the possible use of blockchain for distributed electricity supply.