Japan will use blockchain in energy management

1000 households from the cities of Fukushima, Aizuwakamatsu and other prefectural settlements will take part in blockchain based energy experiement
04 September 2017   2238

Tokyo energy company Eneres, with the support of the authorities of the Fukushima prefecture, is testing the capabilities of the distributed registry technology for its application in renewable energy, and in particular, for building "smart micro networks" on the blockchain. This is reported by the Nikkei Asian Review.

The purpose of the experiment is to study the possibility of building a shared energy economy. According to the plan of the developers, thanks to the technology of the blockchain house households with installed solar panels and other sources of renewable energy will be able to share the surplus of energy with other members of the network, while receiving a certain reward.

The experiment will involve 1000 households from the cities of Fukushima, Aizuwakamatsu and other prefectural settlements. The results of testing the new solution will be presented in January next year.

Also, the developer of the Aizu Laboratory software will participate in the experiment. In particular, the startup will provide a solution that allows people to record transactions in the power network.

Experts Ask China Don't be in Rush For Own Crypto

Ex deputy chairman of the Bank of China said the CB should take part in the development of international regulation of crypto assets firstly
27 January 2020   125

China should strengthen cooperation with other countries to regulate the cryptocurrency industry, and not accelerate the development of its own digital currency, experts say. It is reported by the South China Morning Post.

So, the former deputy chairman of the People’s Bank of China, Zhu Min, noted that the central bank, which is developing a digital yuan in many ways as Facebook’s Libra response, should first of all take part in the development of international regulation of such assets.

Ba Shusong, chief China economist for the Hong Kong stock exchange, also believes that monitoring digital currencies requires a system that is controlled from different angles, as they have the potential to change the global financial system.

You would need to first improve the regulatory framework for [financial] technology. There is a need for global cooperation for an alternative regulatory framework.

 

Ba Shusong

Chief China economist for the Hong Kong stock exchange

 

Many fear that the popularity of Libra could strengthen the dominant role of the US dollar. At the same time, Deutsche Bank analysts believe that the digital yuan will undermine the primacy of the dollar in the global financial market.

Hiromi Yamaoka, the ex-head of the Bank of Japan supervisor of payment and settlement systems, also emphasized that the upcoming launch of Libra has caused competition among central banks seeking to make their currencies and services more attractive.

Something like Libra would make transactions costs much cheaper. Major central banks need to appeal that they, too, are making efforts to make settlement more efficient with better use of digital technology.

 

Hiromi Yamaoka

Former head of the Bank of Japan’s (BOJ) division overseeing payment and settlement systems