News

South Korea to Build a Virtual Power Plant Powered by Blockchain Technology

The South Korean Government plans on developing a virtual power plant using Blockchain Technology. A media outlet revealed this on November 10, stating that 100 billion Korean won (about $3.5 Million) will be invested into the project. The proposed plant will be located in Busan, a major city in South Korea.

Korea Energy Corporation to Manage Virtual Power Plant

The Korea Energy Corporation will be managing this power plant. Based on reports, a group of organizations proposed the project of a virtual system to enable energy trading. They are Pusan National University, Nuri Telecom, Busan City Gas, and the Korean Industrial Complex Corporation.
A virtual power plant is a single unit that is formed from a combination of several energy sources. These sources can include solar, heat, and wind etc. which are then linked together to transmit data. For this power plant, the energy sources will be generated from public facilities energy storage devices (ESS) and the Busan area factories.

Virtual Power to be Made up of Several Sources of Energy

The virtual power from these energy sources will then be connected with the help of Blockchain technology to form a central IT system. The system will allow data to be transferred between connected power plants. It will also keep track of the transfer of energy between participants of a network.
The system will forecast the amount of energy that is required in order to create a balance between demand and supply. As a result, power will be managed efficiently thereby reducing the dependency on traditional sources of energy. This project will be launched at a national competition in 2019. Korea Electric Power Corporation (KEPCO), the largest electric utility in South Korea, will host this event.

Blockchain Technology Powering Virtual Energy

In an earlier report, we revealed that Western Australia is running a pilot phase of a solar energy platform that is based on Blockchain Technology. Households in Fremantle will trial the platform till June 2019. This is a system that will allow them to determine the price at which they want to buy or sell solar energy.
In the same vein, Fuergy, a renewable energy company designed an Artificial Intelligence device that is based on Blockchain Technology. The device can allow a user to supply power in their home and that of their neighbors. In the case of the latter, they will be selling their power. This is after determining the rate at which it should be sold.

Related posts
BitcoinBitcoin PricecryptocurrencyNews

Bitcoin Reclaims $1 Trillion Market Cap: What’s In Store?

Earlier today, Bitcoin rose to its highest level since late February and regained its $1 trillion market cap. Recently, Bitcoin was unable to break key resistance at $50,000, as it failed to find support over its 50-, 100-, and 200-day…
ArtartistArtStationcarbon footprintCointelegraph.comcriticismDapper LabsNewsNFTNon-fungible Token

'Ecological nightmare' backlash forces ArtStation to drop NFT plans

The announcement ArtStation was launching NFT artworks did not sit well with the platform’s artists, who called for a boycott and threatened to leave the platform. Prominent online art portfolio platform ArtStation has caved in to pressure from artists and…
BitcoinBTC Trading ViewNewsNews 1Trading View

Bitcoin vs CBDC: India's growing need for both

After the first crypto-related ban in 2018 that affected many from the sector, the 2021 proposal to ban all private crypto assets is having a similar effect. With the decision expected “soon,” andThe post Bitcoin vs CBDC: India’s growing need…