<span style="font-weight: 400">Japan’s second-largest energy utility is betting on blockchain to effectively enhance transactions on renewable energy. Kansai Electric Power Co Inc (KEPCO) announced that it was extending trials on its blockchain system for transacting renewable<a href="https://www.cryptoknowmics.com/crypto/bitcoin-will-be-mined-with-wind-energy/"> energy</a> credit cards. The press release noted that the platform was developed by Australian technology firm Power Ledger. </span>
<h2>Non-Fossil Fuel Value Certificates</h2>
<span style="font-weight: 400">Meanwhile, back in 2018, Japan held number five as the largest consumer of electricity. Interestingly, the country only produced 17.5% of renewable energy from its resources. Nevertheless, Japan’s Ministry of Economy, Trade, and Industry decided in May this year; to continue selling non-fossil fuel value certificates (NFVs). Hence providing energy retailers with evidence that the certified energy portion was generated from a renewable energy source.</span>

<span style="font-weight: 400">Additionally, the features could also be used to assess power plants contributing to the largest environmental value so as to motivate investment in green energy. In fact, the certificates can be traded in a similar way with other forms of renewable energy certificates. It is, however, worth noting that existing energy certificates as well as Japanese credit systems, remain fragmented and complex at best. </span>

<span style="font-weight: 400">Moreover, KEPCO will rely on the terms of the new agreement to create, track, trader as well as settle NVAs through Power Ledger. NVAs will be the usual ones generated from rooftop solar systems. In addition, the system will utilize blockchain innovation immutability and decentralization properties to help track certificates. The tracking will take place throughout the lifecycle of the system. Therefore, the highest potential for preventing duplication of the system’s usage. Nevertheless, </span><a href="https://www.powerledger.io/"><span style="font-weight: 400">Power Ledger</span></a><span style="font-weight: 400"> will generate REC tokens that will be stored in a centralized wallet of KEPCO. </span>
<h2><b>Lower Cost Green Energy Via Blockchain</b></h2>
<span style="font-weight: 400">Meanwhile, KEPCO and Power Ledger allegedly demonstrated prior successful trials showing that allowing energy producers to sell surplus energy through the platform; was an efficient means for the monetization of renewable energy. A feature that could enable consumers to gain access to low-cost energy sources.</span>

Japan’s Popular Utility Trials Blockchain for Renewable Energy Credits

Japan’s second largest energy utility is betting on blockchain to effectively enhance transactions on renewable energy. Kansai Electric Power Co Inc (KEPCO)

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Japan’s Popular Utility Trials Blockchain for Renewable Energy Credits

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