According to the official press release, Korea’s largest power provider KEPCO is in the works to use blockchain and other innovative solutions to develop the next-generation micro grid named “Open MG.” The goals of the project include the improvement of the energy infrastructure, especially the local hydrogen economy.
The Open MG will be focused on decentralization, decarbonization and digitalization.
One of the upcoming innovations is the “additional fuel cell,” a power source dedicated to increasing energy self-reliance and efficiency, which also eliminates greenhouse gases. KEPCO’s major partners in this journey include Japan’s major bank, Mitsubishi UFJ Bank, IT service management company Nihon Unisys and the University of Tokyo.
The project has been announced shortly after the South Korean government stated that it’s tripling its budget for developing domestic blockchain and distributed ledger (DLT) technologies in 2019. The new budget South Korean government pledged to increase equals a whopping $35 million, which also means we will most likely see even more blockchain initiatives in the nearest future.