​South Korea to trial blockchain electricity market for consumers

Neighbours in apartments will sell electricity to each other for 'energy points' that they can use to pay their bills.

South Korea will begin trials of a blockchain-based service that allows consumers to sell electricity to their neighbours.

The country's Science Ministry and Korea Electric Power Corporation (KEPCO) will test the service in two apartments in Seoul and nine buildings within KEPCO's facilities.

The service will allow households that produce power on their own, such as through solar power, to sell their electricity to nearby inhabitants. The aim is to relieve businesses or households that face heavy electricity bills.

Users will post their offer on the platform and be connected to a buyer that can accept it. 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, the ministry said.

Last month, Samsung SDS won an order from the Seoul city government to draw-up a road map for blockchain application in governance.

It will apply blockchain to all administrative duties by 2022, including in public transportation, social security, and public safety.

In May, the companyjoined global blockchain alliance EEA, whose members include Microsoft and Intel, to spread blockchain use globally.

PREVIOUS AND RELATED COVERAGE

Commonwealth Bank to deliver 'world-first' issuance of a bond on the blockchain

The bank's head of blockchain has revealed the Commonwealth Bank is currently implementing with a large world issuer in what will be a 'world-first' issuance of a bond on the blockchain that it hopes to bring to market in 2018.

SEC cyber unit files charges over ICO fraud

In a recent ICO, PlexCorps allegedly claimed PlexCoin would yield a 1,354 percent profit in less than 29 days. The SEC isn't buying it.

Samsung SDS wins Seoul blockchain order

Samsung SDS will draw up a roadmap to apply blockchain into Seoul's governance.

Decision time is here for blockchain, but are enterprises ready?

The Australian banking giant is one of 22 new additions to SWIFT's blockchain proof of concept being built with input from ANZ Bank.

Cheat sheet: Blockchain (TechRepublic)

This comprehensive guide covers everything you need to know about the innovative blockchain technology that powers Bitcoin, Litecoin, and other cryptocurrencies.

Newsletters

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
See All
See All