Blockchain Electricity Project Unites S. Korean Ministry of Science, KEPCO

Announcements, Blockchain, Innovation | December 6, 2017 By:

South Korea’s Ministry of Science, ICT and Future Planning (MSIP) and Korea Electric Power Corporation (KEPCO) have developed a blockchain-based system for neighborhood electricity trading and electric vehicle (EV) charging. The goal of the project is to provide relief to businesses or households that face heavy electricity bills.

The two organizations will test the blockchain system in two apartments in Seoul and nine buildings within KEPCO’s facilities. The system will allow households that produce power on their own, such as through solar power, to sell their electricity to nearby inhabitants.

“Users will post their offer on the platform and be connected to a buyer that can accept it,” the Ministry said. “They will then gain “energy points” that can be refunded in cash or be used directly to pay the bills. It can also be used in power stations for electric cars.”

MSIP’s purpose is to set, manage, and evaluate science and technology policy, support scientific research and development (R&D), develop human resources, conduct R&D leading to the production and consumption of atomic power, plan national informatization and information protection strategies, manage radio frequency bands, oversee the information and communications technology (ICT) industry, and operate Korea Post.

KEPCO is the largest electric utility in South Korea, responsible for the generation, transmission and distribution of electricity and the development of electric power projects including those in nuclear power, wind power and coal. It is responsible for 93% of the country’s electricity generation.