Fujitsu, one of Japan’s IT giants has developed a Blockchain-based system to enable its clients exchange electricity with the ultimate aim of giving stable energy supply at peak periods.
Fujitsu announced this yesterday Wednesday 30th January, 2019 stating that it had a pending patent for a Blockchain system supported by electric power distribution company ENERES. The firm says they have so far achieved 40 percent efficiency in comparison to an existing system called Demand Response (DR).
DR as it currently is helps consumers to balance their electricity consumption in relation to the electricity demand and supply during peak periods and they receive incentives in return. Fujitsu however believes that DR needs to be improved therefore the Fujitsu Blockchain system.
The Fujitsu Blockchain system is able to quickly calculate the amount of energy available from sellers and match it with the number of buy orders available to help facilitate faster response during peak times.
Fujitsu is known for building several Blockchain products in times past. In October last year, the company built an inter-bank settlement system on the Blockchain with the aim to reduce the cost of transfer for smaller transaction amounts. Also in June, 2018, it developed a Blockchain-based data storage system which retail merchants can make use of in the promotion products as well as coupons and reward points.