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BCH $513.43 (-0.3%)
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Mitsubishi to Use Blockchain to Disrupt Energy Trading

Mitsubishi to Use Blockchain to Disrupt Energy Trading
  • Mitsubishi and Tokyo Tech partner to develop a trading system on blockchain.
  • New technology to optimize P2P energy trading
  • System set to market as early as April

Mitsubishi Electric Corp and Tokyo Tech will partner to develop a fresh blockchain system that will disrupt energy trading.

The new tech will enable peer-to-peer (P2P) energy trading, a way that allows for better use of extra energy.

This system will allow real-time buying of extra energy from green sources. Mitsubishi will design the P2P energy trading system. While Tokyo Tech will develop the best clearing system.

In addition, both partners have a long history of ‘green’ actions. For instance, Mitsubishi’s green activities earned it an ‘A-List’ rating by CDP. The company even vows as part of its 2050 Vision to,

Protect the air, land, and water with our hearts and technologies to sustain a better future for all.

Also, Tokyo Tech has an oath to “provide the world with real solutions.” Making the two an ideal team.

Since crypto mining currently uses so much energy, making it very costly. This idea will surely change the mining costs.

The new tech could lead to:

  • A more efficient Bitcoin mining system using smaller computers.
  • Protecting retail power companies from rapid market moves.
  • Higher demand for electric cars due to cheaper running costs.

The team will review the system as early as April with an aim to enable sales soon.

A devoted news specialist who is passionate about the blockchain and crypto industry. She writes news and feature articles based on the latest developments in the market. She is always updated and on the go.