The tech nation South Korea continues to distinguish itself in blockchain applications. According to Korea Electric Power Corporation (KEPCO), the country’s largest energy supplier, the company plans to use blockchain technology in local power grids, the so-called „island grids“;.
The „Future Micro Grid“;, as the large-scale project is called, is intended in particular to prevent supply bottlenecks. Therefore KEPCO relies fully on the blockchain. As the company announced on 18 November, the electricity supplier is planning a kind of decentralised network into which various energy producers will feed electricity. According to reports, this is primarily intended to promote renewable energies.
Use Case island network
According to the company, the blockchain technology will be used in so-called island networks. These are spatially delimited electricity grids that are fed from a relatively small number of power stations. In contrast to the interconnected grid, „microgrids“; are generally used in remote areas.
According to the report, the energy supplier wants to feed the decentralised island grids primarily with renewable energies. By using blockchain technology, the operator wants to eliminate supply bottlenecks that frequently occur in Microgrids.
This is because resource trade between different island networks is often difficult due to different technical standards. The use of blockchain technology could therefore offer real added value in this field of application.
Energy supply made easy
Furthermore, KEPCO announces that it will bring the energy storage systems in the grid up to the latest state of the art. The company is relying on hydrogen technology for this. Excess electricity will initially be converted into hydrogen and as such remain in the storage facility until it is used. KEPCO hopes that this will make the entire microgrid more independent and reduce greenhouse gas emissions.
CEO Kim Jong-gap accordingly sees the project as an association of the most important trends in the energy industry:
The three most important trends for the future of the energy industry are decarbonisation, decentralisation and digitisation. In the context of this project, KEPCO shows how quickly change can take place. As an energy platform, we will take a step forward and advance the digitization of the industry.
South Korea continues to take big steps towards Blockchain adaptation. The most recent coup of the East Asian state was the establishment of the „Blockchain Special Committee“; in the province of Gyeongsangbuk.
