Blockchain Electricity Project Unites S. Korean Ministry of Science, KEPCO
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South Koreas 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
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.
MSIPs 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
KEPCO is the largest electric utility in