Commencement of verification testing concerning peer-to-peer electricity trading using blockchain technology
May 30, 2019
Chubu Electric Power Co.,Inc.
Chubu Electric Power Company (Higashi-ku, Nagoya City; President Satoru Katsuno) and Cryptoeconomics Lab (Shinjuku-ku, Tokyo; President Taku Kataoka) has commenced verification testing on a peer-to-peer trading system (hereinafter the "test"), based on blockchain (Note1) technology, for surplus electricity generated with solar energy (hereinafter "surplus electricity").
The test simulates peer-to-peer electricity trading, in which power users can place an order for and buy surplus electricity, offered for sale by the owners of photovoltaic systems based on the following day's projected power generation volume, trading prices and other factors.
More specifically, the test examines whether the trading platform, jointly developed by the two companies based on Energy Web Foundation's (Note2) blockchain technology, appropriately manages transactions without involving a third party, automatically handling transactions from matching buy / sell offers to facilitating the conclusion of contract and executing the transaction (Smart Contract (Note3)).
In the test, the platform also displays the name, address and facial photo or other images of users making sell offers to examine how elements other than power generation volume and price could affect the P2P trading.
We will work on resolving technical issues to be identified in this test in our efforts to develop new services that bring convenience to customers, including the development of the platform that enables P2P electricity trading.
[Overview of the verification testing]
May 30 - October 30, 2019
Employees of Chubu Electric Power Company (around 30 people)
Chubu Electric Power Company: Developing the vision of the P2P platform, administrating the verification test and verifying the effectiveness
Cryptoeconomics Lab: Investigating the EWF blockchain platform and developing the platform
(Note1) This is a technology that has all or some of computer terminals on the same network hold the same data and verify the data in order to build a database resistant to data modification. This is expected to facilitate affordable database development as there is no need to maintain a server that centrally manages data.
(Note2) This is an international organization that develops and supplies a blockchain platform to energy-related companies. Its participating members include the world's major energy companies such as E･ON, ENGIE, PG&E, GE and Shell.
(Note3) Smart Contract involves software-based means of confirming contractual terms and facilitating its conclusion, to be executed automatically. The automation eliminates third-party involvement and is therefore expected to save on costs.