SoftBank Group Corp., Japan’s multinational conglomerate company, has published a press release detailing the acceptance of a project which focuses on trading carbon emissions using blockchain technology. The initiative will help in increasing the usage of renewable energy at homes to promote clean energy in rural areas.
Power sharing Co., Ltd., Softbank, PS Solutions Co., Ltd., LIXIL TEPCO CO., LTD. Smart Partners, TEPCO i-Frontiers Co., Ltd., Local Energy Corporation, Tsuyoshi Natsono Co., Ltd. Office and Cyber Soken Co., Ltd. are some of the companies involved in the project. It will be conducted with the help of Research Institute for Global Environmental Strategies. Since a centralized network to trade carbon emission is either too small for corporations or too big for households, creating one on blockchain makes the process more efficient.
In this project, by linking to the individual the amount of renewable energy usage and linking the data collection solution with the blockchain technology, it is possible to reduce the CO2 emission value by renewable energy generated at each household at low cost, It allows you to easily and freely trade on CtoC [Customer to Customer].
Power sharing will be responsible for overseeing the project while planning and outlining the trading system. SoftBank will use “Ubiquo” to provide details regarding the usage of electricity: “who, what, when, where, how much charged”. PS Solutions will use an Internet of Moving Things (IoMT) platform, already integrated in an electrical bicycle and scooter rental “Setouchi Karen”, as the cloud computing service. The rest of the companies will focus on transactions, buying measures and evaluating customer experience. In order to make Japan an environmental friendly country, the research institute will “develop innovative policy methods in climate change and energy fields … [and] conduct policy-based and practical research aimed at developing strategies for environmental measures.”
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