TRENDE, a Tokyo Electric Power Company group company, Toyota Motor and the University of Tokyo have announced that they will conduct a joint experiment with a next-gen peer-to-peer (P2P) electricity system that enables homes, businesses, and Electric Vehicles (EVs) connected to the electricity grid to trade electricity using a blockchain. The test will run from June 2019 at Toyota's Higashi Fuji Technical Center and the surrounding area.
Japan's electric supply system is in the process of transforming from a centralised large-scale one-way system reliant on fossil fuels into an autonomous distributed two-way system incorporating renewable energy in which individuals and companies own the power supply.
The objective of the joint experiment is to assess the feasibility and scalability of a two-way electricity supply system that allows direct trading among prosumers and consumers and will incorporate solar panels, batteries, and EVs.
The parties also aim to verify the economic advantage of having electricity consumers and prosumers trade electricity through market transactions. The experiment will also simulate electricity consignment fees based on distance, and verify an algorithm for predicting the electricity demands of EVs, which have varying electrical consumption levels based on cruising range.
Jeffrey Char, Co-founder and Chairman of TRENDE, said: "We are excited to be working with Toyota and The University of Tokyo on this important experiment. We hope that the results will be beneficial, not only in terms of delivering low cost, low carbon energy to consumers in Japan, but for others also working on solutions for the climate crisis."