​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.
Written by Cho Mu-Hyun, Contributing Writer

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.


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