South Korean Public Power Firm Takes Blockchain Plunge
South Korean energy provider the Korea Electric Power Exchange (KPX) has become the first public institution in the country to adopt a blockchain-based proposal evaluation system.
Per a report from Energy Daily, KPX will now use a Hyperledger Fabric-based solution to weigh up power-related business proposals, doing away with paper-based processes. The company added that it would also apply blockchain solutions to its human resources operations.
The South Korean government established KPX, an arm of the state-owned provider the Korea Electric Power Corporation (KEPCO), around 20 years ago in order to enable wholesale electricity trading in the country.
KPX says that it has taken the entire evaluation process, including input, aggregation, transmission and disclosure processes onto the blockchain platform, “digitizing” everything and “significantly improving work efficiency.”
The company added that 50% fewer employees needed to oversee the evaluation process, which has also been sped up, cutting down from five days to just 24 hours. The new platform also helps reduce the margin for human error, added KPX officials.
Last year, both KPX and KEPCO joined Nambu Electric Power on a public blockchain pilot project that will oversee the issuance of renewable energy supply certificates (RECs).
KEPCO has also worked with domestic telecom giant KT on a trading platform that will allow energy traders in the country to sell the provider, and other users, electricity in real-time.