A partnership between four major Japanese companies will be responsible for a research into the possible use of the blockchain technology in distributed electricity supplies across the country. The partnership will be made by Kansei Electric Power Co. (Kepco), Mitsubishi UFJ Bank, Nihon Unisys (an IT service management company) and the University of Tokyo.

The press release informs that the widespread need for renewable energy sources like power generation and the need to create a sustainable type of business around has put these companies together in this enterprise. They will work together to research the blockchain technology in order to trial a blockchain in electricity supplies that can be used later.

Nihon Unisys will be the one developing this new system while Kansai Electric will construct it and also demonstrate how the system can be used for experiments. The University of Tokyo will evaluate the research made in this joint venture and summarise it. Mitsubishi UFJ bank will give advice on how to apply the blockchain technology.

Similar Partnerships

Back in March, Chubu Electric Power Company, the third largest energy provider in Japan has used the country’s technology in a joint venture with the internet of things startup Nayuta Inc and software company Infoteria to use the blockchain to track electric vehicles while they are charging their energy.