South Korea’s top utility firms have joined hands to develop a blockchain-powered system for Renewable Energy Certificates (RECs). Korea Electric Power Corporation (KEPCO) and Nambu Electric Power have signed a contract with the Korea Southern Power Co. for this establishment. KEPCO is the largest electric utility in South Korea. The information comes from a local energy news outlet.

As per the agreement, the three firms will work together to develop a government-led blockchain pilot project. This project will be under the administration of South Korea’s Ministry of Science. Apparently, the organizations will work from a commercial standpoint for the development of the project. According to the report, this blockchain execution aims to revamp the transparency and efficiency of the new REC transactions. The pilot project focuses on employment creation and market development in the local blockchain field.

Shin Jung-sik, the president of Southern Power says that the collaboration intends not only to create new business options. It will also embrace the energy decentralization era which uses the blockchain-powered system. Other firms of the country are also taking the blockchain system into account. Shinhan Bank of South Korea has recently launched a Blockchain Loan system in the country.