Fujitsu a Tokyo based Firm develops blockchain based exchange system for electricity
Fujitsu Laboratories have created marvel by embracing the blockchain technology to develop a system that will overlook the trading related to shortage and an excessive amount of electricity for the consumers, factories and retail stores.
The electric utilities and the electricity consumers came together to regulate the amount of electricity that is used during the peak hours, this scheme is known as Demand Response (DR). However, the issue lies when the consumer is unable to attain the amount of power savings requested by the electric regulators, thereby reducing the success rate of DR controls.
A blockchain-based exchange system for electricity by Fujitsu: The technology behind the venture
Fujitsu is successful in bringing up a system where the consumers of electricity can exchange the surplus electric amount that is produced either through the power savings or the power generation. The company implemented the blockchain framework and with the help of ENERES Ltd, and a tremendous amount of success rate was measured.
The Fujitsu laboratories have implemented blockchain framework to a system developed by itself where the electricity consumers that have signed up for an aggregator can now share the amounts of power savings.
With the implementation of the DR, it has been a necessary evil to check the aggregator in a frequent interval regarding the power savings target being achieved or not. Fujitsu Labs have come up with a technology that initially calculates the total quantity of electricity that is offered from the selling orders and determines which user will be available to avail the offer quickly and pay faster for the amounts purchased. Hence, technology proves the saviour in replying quickly where the power savings should be indulged. The firm was successful in developing a technology that enhances the pairing of exchange orders so that there won’t be any wastage in the distribution of the surplus amount of electricity.
This exchange of the electricity has indeed brought transparency by the application of blockchain technology in the exchange transaction results. With this system implemented the requested amount of electricity savings amount is quite tough to achieve, a consumer can directly purchase the excessive amount of energy from another user to fuel its power-saving demands, leading to a more efficient electricity system.