• Days
  • Hours
  • Mins
  • Secs
  • Wed, 18 Sep 2019, 03:39 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Toyota, University of Tokyo, TRENDE to start testing blockchain-based electricity trading solution

Fri, 24 May 2019, 03:56 am UTC

Japan’s leading carmaker Toyota has teamed up with the University of Tokyo and TRENDE, a renewable energy retailer, to initiate a blockchain-based electricity trading solution.

Toyota revealed its plan to jointly conduct tests on a next-generation electricity system (peer-to-peer [P2P] electricity transactions) that will allow homes, businesses, and even electric vehicles connected to the electricity grid to trade electricity using blockchain.

In its press release, Toyota noted that Japan’s national electricity system is currently in a "transitional state" with the widespread use of distributed power supplies like solar panels, secondary batteries, and electric cars. It described this transition as a shift from “traditional large-scale consolidated system to a distributed system” in which individuals and businesses can become owners of their own power supply.

To initiate this pilot test, the companies will establish an electricity exchange accessible to all the participants and install an artificial intelligence (AI)-powered electricity management system (an electricity trading agent) in the participants’ areas.

The AI-based electricity trading agent will place buy and sell electricity orders on the exchange based on the participants’ electrical consumption. It will also calculate forecasts of the electrical power to be generated by solar panels on the premises.

Toyota claimed this is the first test for a distributed electricity trading system in the world that would encompass plug-in hybrid electric vehicles (PHEVs), solar panels, and secondary batteries.

The pilot study aims to verify the economic benefit of having electricity consumers and prosumers trade electricity via market transactions and of utilizing an algorithm to estimate PHEV electric demands.

In the project, the University of Tokyo will establish the electricity exchange and initiate an electricity trading agent for businesses. On the other hand, Toyota and TRENDE will also start electricity trading agents for vehicles and households, respectively.

The tentative testing period is from June 17, 2019, to May 2020, and the pilot study will focus on Toyota’s Higashifuji Technical Center and the surrounding area.

Meanwhile, Honda and General Motors have also joint forces on a blockchain research project that could track the supply of power in smart grids and the amount of electricity stored in car batteries, Nikkei Asian Review reported. If successful, electric car owners can receive compensation for storing electricity and exchanging it with a smart grid.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,241.00 (-0.24%)
  • Ethereum (ETH) $211.09 (+6.84%)
  • XRP (XRP) $0.303900 (+16.47%)
  • Bitcoin Cash (BCH) $322.33 (+4.96%)
  • Litecoin (LTC) $75.05 (+3.39%)
  • Bitcoin (BTC) $10,241.00 (-0.24%)
Sep 18, 2019 (Wednesday)
Former CFTC chairman 'crypto dad' J. Christopher Giancarlo joins Chamber of Digital Commerce's advisory board
Coinbase Vice President Dorothy DeWitt to lead CFTC market oversight
Japan's LINE launches crypto exchange platform Bitmax
Crypto Technicals: ETH/USD breaks above 200-DMA, hits 5-week high at 215.00
Sep 17, 2019 (Tuesday)
Wells Fargo to pilot internal blockchain-based digital currency for payments
Marsh, Arch Insurance (UK) Limited launch insurance solution for digital assets ‘Blue Vault’
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto exchange Binance backs Chinese crypto news portal Mars Finance
Crypto Technicals: XMR/USD rejected at 200-DMA, scope for resumption of weakness
Hedera Hashgraph blockchain goes live with 26 dapps
Crypto Technicals: Ethereum pauses shy of $200 mark, set to extend bullish momentum
Harbor tokenizes iCap Equity’s $100M real estate funds using ethereum blockchain
Crypto Technicals: BCH/USD fails to extends weakness below 200-DMA, retrace above will see upside resumption
Women in Leadership: Publicis Sapient hires Merril Lynch veteran Priya Bajoria as SVP Financial Services
Crypto Technicals: IOT /USD forms successive Dojis at cloud resistance, dents scope for upside continuation
Crypto payment services BitPay to roll out Ethereum support in the coming weeks
Blockchain food provenance platform OpenSC secures $4M in seed funding
Australia's REIQ partners with Igloo to develop blockchain-based tenancy agreements
Crypto exchange OKEx Korea to remove all privacy coins, including monero, dash, zcash, over FATF's 'travel rule'
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.