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Japanese Power Firm, Crypto Exchange Claim Digital Token Pilot Success

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 25, 2023

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Japan’s Kansai Electric Power and crypto exchange DeCurret said that a recent “digital token”-powered, blockchain-based payment pilot was a success – and could be used for settlements in peer-to-peer (P2P) electricity transactions.

Per a press release from DeCurret, the firms issued a new digital currency for the pilot project, which was conducted on a new platform built for Kansai Electric Power.

Kansai Electric Power is one of the main electric providers in the Kansai region, one of Japan’s busiest industrial areas.

The firms said that the platform automates processes on the power network by using a digital currency that was developed by the crypto exchange.

They added that during the pilot, the records of power transactions were processed using smart contracts, with verification performed in real-time, allowing for immediate settlements, fees issuance and charges, all using the digital currency rather than fiat.

The exchange said that it has developed a platform that allows other companies to make use of smart contracts for transactions and facilitate real-time micropayments.

Kansai Electric Power – one of Japan’s biggest nuclear power customers – has also been working with the Kanazawa Institute of Technology, a leading Japanese tech university, on pilots for the former’s forthcoming blockchain-powered peer-to-peer energy trading platform.

As previously reported, the power provider began testing at the university campus back in February this year.

The Kansai region, on the south central section of the Japanese mainland, comprises the Mie, Nara, Wakayama, Hyogo and Shiga Prefectures, as well as the major cities of Kyoto and Osaka.
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