South Korea’s biggest power utility company, Korea Electric Power Corporation (KEPCO), is working on a new project called the ‘Future Micro Grid’, which is essentially a blockchain-based micro-grid.
More About Korea Electric Power Corporation
Also known as Hanjeon, the company generates, transmits, and distributes electricity throughout the country. Moreover, it also works on developmental projects including coal, wind power, and nuclear power.
It generates about 93% of the country’s power, making it the biggest power utility company in the country.
More About the Announcement
The company announced the ‘Future Micro Grid’ project through a message posted on its website.
According to Kim Jong-gap, KEPCO CEO and President, the new framework “will create an ‘open energy community’ that will bring together elements of existing microgrid technology with a blockchain implementation.”
The Open MG Framework
Company’s Open MG framework is designed to solve the problems associated with energy storage devices, small photovoltaic cells, and wind turbines. These devices often caused the end user not to get a proper supply of stable power, which could be harmful.
The company intends to use the power-to-gas technology to convert electricity into hydrogen and store it for when it’s needed. This stored energy can be converted back into electricity, when required, with the help of a fuel cell.
This technique is not only safer for the environment but more economical as well. It reduces the emission of greenhouse gases and makes the country less dependable on grids.
President Kim further said:
“The three major trends in the future of the energy industry are decarbonization, decentralisation, and digitalisation. Through this project, KEPCO will show the speed of new and renewable energy generation and energy efficiency projects. We will take a step forward as an energy platform provider to drive energy conversion and digital conversion.”
The Role of Blockchain
According to the announcement, the framework allows easy connection for improved operational efficiency.
The system will be implemented on blockchain to allow electricity to be traded without any difficulty across multiple micro-grids, which will remove the existing bottleneck that restricts the growth of micro-grid.
Moreover, the company is also said to be working on a mega-wattage energy-independent micro-grid that’ll operate under the same Open MG framework. The company is expected to provide more details on the project by the end of the year.
Related articles:
What’s up colleagues, how is all, and what you want to say about this article, in my view its really awesome in favor of me.
I’m now not certain the place you’re getting your info, howevergood topic. I must spend some time finding out much more orworking out more. Thanks for fantastic info I used to beon the lookout for this info for my mission.
I am not sure where you are getting your information, but great topic. I needs to spend some time learning much more or understanding more. Thanks for fantastic info I was looking for this info for my mission.
I wanted to thank you for this excellent read!! I definitely loved every bit of it. I have you book-marked to look at new things you postÖ
You made some nice points there. I did a search on the topic and found most persons will consent with your blog.
Hi there! This post couldn’t be written any better! Reading through this post reminds me of my previous room mate! He always kept talking about this. I will forward this article to him. Pretty sure he will have a good read. Thank you for sharing!
What¦s Going down i’m new to this, I stumbled upon this I have discovered It absolutely useful and it has aided me out loads. I hope to contribute & help other customers like its aided me. Great job.
I like this blog so much, saved to favorites. “Respect for the fragility and importance of an individual life is still the mark of an educated man.” by Norman Cousins.
I do believe that a foreclosure can have a major effect on the borrower’s life. Mortgage foreclosures can have a Seven to ten years negative effect on a borrower’s credit report. A borrower that has applied for a mortgage or almost any loans even, knows that the particular worse credit rating is actually, the more tough it is to acquire a decent loan. In addition, it can affect a new borrower’s power to find a respectable place to let or rent, if that gets to be the alternative housing solution. Thanks for your blog post.
I¦ve recently started a site, the information you provide on this site has helped me greatly. Thank you for all of your time & work.