Softbank to launch a blockchain platform to reduce CO2 emissions
In a process to reduce carbon emissions, a group Japanese technology and energy firm is launching a pilot project aimed to allow consumers in rural areas to trade renewable energy over a blockchain-based platform.
It is scheduled to start in June 2018 and is backed by Japan’s Ministry of the Environment. The project will be supervised by energy trading startup Power Sharing with technical support provided by energy corporations such as Tokyo Electric Power Co. and financial giant Softbank.
Softbank announced that it will lend its expertise in authenticating critical information about renewable energy trading, related to the basic know-how. The acquired data and energy stats will further be recorded and transacted over the blockchain platform jointly developed by the companies.
The motto behind this project is to use C2C mechanism to incentivize residents in rural Japan and help them switch to renewable energy. The excess energy generated can be sold by the residents and help reduce the CO2 emissions in Japan.
The current traditional centralized systems can also provide a platform for renewable energy-trading, it becomes extremely complex if used across general consumers. As it is the existing systems can cater to the large corporations only.
The latest project when inaugurated will be first of its kind, to utilize blockchain technology in renewable energy trying to reduce the CO2 emissions.
Similarly, IBM is also trying to explore the use of blockchain platform in energy-centric sectors in China to reduce their CO2 emissions and fight excessive air pollution.
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