Korea will create an ecological micronet based on blockchain
Korea's largest energy supplier, KEPCO, will use the blockchain and other innovative energy solutions to develop its next-generation micro-grid (MG)
KEPCO is a market capitalization company of 15.9 billion dollars in which the South Korean government and the state bank have a majority stake, has a virtual monopoly on the generation and distribution of energy in the country.
The new KEPCO Open MG will take advantage of the blockchain and other technologies to improve the energy infrastructure, specifically for the local hydrogen economy. For this, it will focus on decentralization, decarbonization and digitalization.
KEPCO will use an additional fuel cell as an energy source to increase self-sufficiency and energy efficiency without the emission of greenhouse gases, a company official explained. Using international standard technology, the MG is expected to be more interoperable, thus avoiding the bottleneck of the system and fragmentation in the industry.
KEPCO intends to develop the MG Open on a large scale and create the first micro-scale megawatt (MW) in Korea.
In early November, the South Korean government committed to tripling its budget for the development of the national blockchain industry and the technology of distributed accounting books.
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