South Korean government has announced its plans to spend approximately $3.5 million (4 billion Korean won) to build a blockchain-enabled virtual power plant in the city of Busan.



The city administration of Busan has initiated the project to build a virtual power plant (VPP) based on a citizens-shared blockchain. By definition, a VPP is a cloud-based distributed power plant that has the ability to integrate the idle capacities of multiple energy resources and optimize the power generation.



As reported, the blockchain-powered VPP project will aggregate the power sources such as factories, public facilities of energy storage system and solar power plants in Busan area.



Earlier, Askrypto also reported the launching of a blockchain-based initiative by South korean bank to reduce human errors in record keeping.