The largest energy supplier in South Korea plans blockchain-based electricity supply system!

Hello dear readers and members of AVALO-energy,

we hope you had a good start into the new year and started full of motivation in 2019.

Today we would like to share some news about the blockchain technology in the energy market with you again: The energy corporation Korea Electric Power Corporation (KEPCO) plans to apply blockchain technology in localized power grids.

Here you can find the original article in German: https://www.btc-echo.de/suedkorea-groesster-energieversorger-plant-blockchain-basiertes-stromnetz/

Source: Shutterstock and BTC-Echo

Here is a free translation of the article:

The tech nation of South Korea continues to profile itself in terms of blockchain application. As the Korea Electric Power Corporation (KEPCO) announced, the company plans to use blockchain technology in locally isolated power grids.

The "Future Micro Grid", as the big project is called, is supposed to prevent supply bottlenecks in particular. For this KEPCO relies on the blockchain. As the company announced on 18 November, the electricity provider plans a kind of decentralized network in which different energy producers feed electricity. Renewable energy should be promoted above all else, according to reports.


Use Case Island Network


The blockchain technology is to be used according to company information in so-called island networks. These are spatially separate electricity grids fed from a relatively small number of electricity companies. In contrast to the interconnected grid, "microgrids" are generally used in remote areas.


According to the report, the energy supplier wants to feed the decentralized island grids primarily with renewable energies. Through the use of blockchain technology, the operator wants to eliminate supply bottlenecks, which often occur in microgrids.


Because the resource trade between different island networks is often difficult due to the different technical standards. The use of blockchain technology could therefore offer real added value in this field of application.

Energy supply made easy


Furthermore, KEPCO announces that it will bring state-of-the-art energy storage systems online. For this, the company relies on hydrogen technology. Thus, excess electricity should first be converted to hydrogen and, as such, remain in storage until used. KEPCO hopes that this will increase the independence of the entire microgrid and reduce greenhouse gas emissions.


CEO Kim Jong-gap sees the project as a merger of the most important trends in the energy industry:


"The three most important trends for the future of the energy industry are decarbonisation, decentralization and digitization. As part of this project, KEPCO demonstrates how quickly change can be achieved. As an energy platform, we will take a step forward and advance the digitization of the industry. "


South Korea continues big steps towards blockchain adaptation. The latest coup of the East Asian state was the founding of the "Blockchain Special Committee" in Gyeongsangbuk province.