Japanese tech giant Fujitsu has announced a new blockchain-based system for electricity exchange, with a model capable of improving efficiency by up to 40% on existing systems.
The latest blockchain project to emerge from the firm, the new “patent pending” technology is designed to tackle energy shortages and surges across the network, to deliver more stable supply than during peak periods.
Compared to the existing system, known as demand response, Fujitsu claims the exchange handles energy savings and distribution automatically, effectively matching buyers and sellers in a real-time digital environment.
Currently, consumers are required to opt in to demand response schemes, with incentives offered for those prepared to make savings—a system Fujitsu argues could be improved. Crucially, the technology facilitates the transfer of resources without wasting energy, adding to the numerous advantages Fujitsu claim over existing infrastructure.
In a press release announcing the new platform, Fujitsu said the system would lead to more consumers participating in DR electricity schemes.
It noted, “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. It is also essential to secure an investment effect when consumers have joined the DR scheme and to increase the number of participants.”
“Improvement to the DR control success rate is expected to lead to more consumers participating in DR schemes. Moreover, this will enable the stable supply of electricity and the expansion of renewable energy use, another goal of the DR scheme. Fujitsu Limited and Fujitsu Laboratories will carry out further system verification and strive to build a carbon-free society.”
Trials on the technology will continue over the coming weeks, with Fujitsu working alongside its research arm, Fujitsu Laboratories, on the development.
With the system poised for being showcased imminently, it comes as only the latest significant blockchain develop to originate at the company.
In October, Fujitsu demonstrated a system for handling low-cost interbank settlements, in a bid to improve the efficiency of settling smaller transactions between different banking institutions.
Back in June last year, they also unveiled a blockchain storage system for the retail sector, which retailers can use to tokenize loyalty schemes and rewards.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.