The New York-based LO3 Energy and the Tokyo-based Kyocera have a joint Blockchain project. According to confirmed reports, the two companies will be testing the feasibility of a jointly developed Virtual Power Plant (VPP) grid management system that uses a distributed consensus protocol to manage its operations.
The peer-to-peer platform on its demonstration phase will combine renewable energy products and the involved companies’ technologies. This will be vital in improving the distribution of electricity from renewable sources-a trend that is becoming popular especially with green energy activists and other concerned people.
Blockchain Technology In Grid Management
Blockchain technology has a lot of use cases among them healthcare, education, literature, entertainment, e-commerce, insurance, e-gaming, finance, international logistics, etc. The field of power distribution logistics and grid management has been having a relatively slow rate of Blockchain technology adoption but this is changing.
LO3 has expertise in Blockchain technology with vast experiences all over the world with stellar results. The American firm is proffering the Blockchain technology platform that is needed in recording and verifying transactions for grid management.
It is important to note that since the VPP are usually managed by small-scale power producers, it can be overwhelmed at its energy supply end.
This makes it hard for any other conventional platform to manage the grid and this is why Distributed Ledger Technology is fundamental to a VPP grid logistics management.
The Technical Aspect Of The Platform
The prototype is simple and straight forward so that all participants can comprehend the concept. Firstly, a small VPP consisting of solar photovoltaic (PV) batteries and modules will be installed. Then, the Blockchain platform will be used to manage and record power flow from the VPP to the main grid on a peer-to-peer log basis.
Interestingly, the concept of power sharing that LO3 offers is the microgrid module. In this case, individuals produce power through environmentally friendly means and share it with others in a public Blockchain ecosystem.
The End Result Is A Low Carbon Society
The project aims to play a significant role in the transition of Japan into a low-carbon emitting society.
According to LO3 Energy CEO, Lawrence Orsini, the platform will enable energy providers to benefit from micro energy transactions. This might incentivize more producers to offer green energy as they will be assured of a ready market.
Meanwhile, according to Hironao Kudo, Kyocera R&D Group deputy general manager, the company is on a mission to develop solutions to “maximize renewable energy resources”. Hence, the LO3 platform will play a critical role in enabling the Japanese company to meet its objectives.
The tests for the feasibility of the Blockchain consensus platform will commence on 28th February 2019 at the Nakayama Kyocera Office in Kanagawa Prefecture, Yokohama. Both LO3 and Kyocera experts believe that the platform is tenable and the test is only procedural.
This project proves that Blockchain is the new technology that, if fully tapped, can overhaul all industries and offer sustainable solutions for future production.