Korea’s major energy sector company KEPCO to launch Blockchain based environment-friendly Micro Grid. As published on the official press release, the company is reportedly working on ‘KEPCO Open MG Project’.
Along with blockchain company intends to harness other innovative technologies for the purported “Open MG” project. Essentially, the building of energy infrastructure for the upcoming hydrogen economy society.
Also, as quoted by the KEPCO President Kim,
The three major trends in the future of the energy industry are decarbonization, decentralization, and digitalization
With this, the energy company is planning to speed up the renewable energy resource generation and energy efficiency projects. Also aims to drives the company towards improved energy conversion and digital conversion.
As explained in the official article, KEPCO was previously using PVs (PhotoVoltaics, used to generate solar energy), wind turbines (WTs), and energy storage systems (ESS). All of which contributed to less stability of stable power supply.
However, the new Micro Grid will leverage fuel cell as a power source, which basically acts like “additional power cell” and adds on to power efficiency without the emission of greenhouse gases.
The international standard technology used by the MG is expected to be more inter-operable. Thereby preventing “system bottleneck” and fragmentation in the industry. Also, KEPCO plans to make ‘Open MG’ more active and construct the first mega-wattage (MW) energy-independent micro grid in Korea.
Market-wise, the KEPCO holds up to $15.9 billion of market cap which is majorly contributed by South Korean government and state-controlled bank.
Recently we also saw that the government of South Korea promoting the blockchain training in the country. All these stories make it clear that many nations across the globe are ready to embrace blockchain technology if not the cryptocurrency.
What do you think of this implementation by KEPCO? Let us know your thoughts in the comment section below.