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Japan's Marubeni In Deal With LO3 Energy To Use Blockchain

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Japanese general trading company Marubeni Corp. is partnering LO3 Energy to apply blockchain technology to administer the energy marketplace, particularly renewable energy.

The two have commenced a pilot project in Japan to evaluate the network and develop case examples to make a decision on how and when the project could be widely implemented.

New York-based LO3 Energy is an energy-technology company using disruptive technologies such as blockchain in the field of energy.

Marubeni is trying to replicate the successful use of blockchain technology by LO3 Energy in the Brooklyn Microgrid and other projects around the world to provide consumers with more energy choices and improve efficiency in energy usage.

LO3 Energy will use blockchain network to connect a number of Marubeni's power production facilities, including renewable energy, with offices and factories around Japan in a virtual marketplace. It will then test 'simulated' energy transactions to create a full-scale commercially operational network in the future.

The network will use standard electricity meters combined with blockchain-enabled TAGe computer devices to measure energy data and power quality information and communicate with other devices on the network to activate energy transactions.

The consumers can set preferences via a dedicated mobile app, giving them the opportunity to choose preferred energy sources and how much they are willing to pay for renewable energy.

Marubeni is also an Independent Power Producer (IPP), with a net overseas energy generation capacity of 11,765 MW as of March 31, 2018.

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