Energy Web Foundation and Minna Denryoku Finish Off the Blockchain Test for Japanese Renewable Energy Markets

Energy Web Foundation and Minna Denryoku Co. Ltd. together have consummated a blockchain joint test for renewable energy markets of Japan.

Minden employed Energy Web Chain’s architecture and performance along with EW Origin SDKs or software development toolkits to evaluate and benchmark its private Enection 2.0. Election 2.0 is a platform based on blockchain that was inaugurated in 2018’s December in order to unify sales of retail electricity and EACs or energy attribute certificates to promote green energy. The Enection 2.0 runs over the NEM blockchain right now.

Energy Web Foundation is a nonprofit institution that aspires to promote and institutionalize an electricity system with a low-carbon and customer-centric approach. It is doing so by unearthing the blockchain potential and various other similar technologies.

EWF aims at creating core infrastructure as well as shared technology, accelerating the dependence on commercial solutions while establishing a community that implements it. EWF is also known to have grown the largest ecosystem for energy blockchain consisting of utilities, renewable energy developers, grid operators, corporate energy buyers, and others.

The project Minden-EWF was primarily run in 2019. It employed the original generation data that came from 16 renewable assets across Japan, such as solar PV, hydro, wind, and biomass. It also employed one month of demand data of 30-minute from 13 customers of real energy.

Micha Roon, the chief technology officer for EW, said that

Through our work with PTT in Thailand and SP Group in Singapore, we’ve continually seen the strong willingness to experiment and innovate with blockchain-based technology among leading Asian markets, especially when it comes to the region’s sizable demand for green energy. Japan is now one of the world’s largest deregulated electricity markets, and our collaboration with Minden has been a valuable opportunity to share mutual insights as the market continues to evolve.

The experience of Minden assured the EW Origin SDKs’ agility, while also giving key insights on EWF into broadening the adaption of SDKs within the business and meeting the regulatory requirements of Japan’s market. In 2016, the electricity markets of Japan went through considerable deregulation that spruced up retail choices for residential as well as corporate customers.

Renewable energy demand meanwhile is on a consistent rise amongst the customers from Japan.

Linden was founded in 2011 and is an innovative startup focused on energy and aiming to bridge the gap that exists between this retail choice and increasing demand for green energy, by clubbing sales of electricity with the sales of EACs.

Seiya Miyake, chief operating officer of Minden, said,

In Japan, there are growing needs for renewable energy procurement. Our blockchain-based energy trading system, ‘ENECTION 2.0,’ offers the choice for renewable energy users. As a global leader with experience across many different energy markets, EWF brought invaluable insights into the evolution of our platform.

EWF’s Energy Web Chain was the first open-source platform as an enterprise blockchain of the world customized for the energy sector. The EWF’s technology strategy has thrived since it’s opening to have decentralized Operating systems for the Energy Web or EW-DOS. It is a blockchain-plus suite amongst the decentralized products and services.

Recent Articles

Significance of Poker Concepts to Make the Most of Your Trading and Investment Decisions

Poker fundamentals popularly known as poker concepts have emerged to be highly indispensable and beneficial strategies in poker. They also help in...

2020: Crypto Regulations Updates Everyone Should Know!

The year 2020 is likely to be one of the most eventful ones from the ‘crypto angle,’ i.e., from the perspective of cryptocurrencies as...

Plus500 Review 2020 – What you need to Know before Signing up with this Broker

Overview Plus500 was established in the year 2008 and it offers online CFD...

eToro Broker Review 2020 – All You Need to Know About eToro Before Signing Up!

  Overview eToro was established in the year 2007, known as one of the leading social trading platforms. Offering more than 1,000...

Cryptocurrencies, an Alternative to Fiat Currencies Not Yet a Replacement

Cryptocurrency and blockchain technology have already created ripples in the world of finance and technology and revolutionized the way currency has been traditionally viewed. It...

Related Stories

Leave A Reply

Please enter your comment!
Please enter your name here

Stay on op - Ge the daily news in your inbox