Blockchain technology in Japan has finally found its way to the commercial market with the help of multinational firm Fujitsu. Fujitsu Laboratories Ltd. and Fujitsu Limited are working together for the integration of this emerging technology for the enhancement of energy shortages and surpluses for the consumers which also includes retail stores and manufacturing units.
The renowned firms have been working towards the development of a platform in which electricity consumers will be able to exchange electricity surpluses that have been generated by themselves or by power savings. This is an excellent and very efficient way of restoring the energy and re-distributing them. The role of blockchain comes in with the cooperation of ENERES Co. due to which the system used in a recreation using the real data of electricity consumption resulting in a roughly 40% improvement in demand response (DR) success rate.
Demand response in simple words is a scheme wherein electric utilities and customers of electricity work together to organize the amount of electricity used during the peak demand periods. This new system will be helpful in improving the demand response success rate which will ensure a more stable electricity supply. In addition to this, Fujitsu also plans to develop systems based on blockchain technology in Japan for developing a carbon-free society, as mentioned by JCN Newswire.
Status Of Blockchain In Japan
Japan has witnessed some of the major business shifts in recent years because of the volatile nature of very popular cryptocurrency Bitcoin and emerging blockchain industry. According to Forbes, Japan is one of those countries that have been very progressive in their thinking and innovation which paves an apt road map for the development of blockchain technology in Japan. Certainly, it would not be incorrect to state that it is one of the major blockchain destinations in the Asian continent.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]