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The Japanese general trading company Marubeni Corporation has partnered with a blockchain New York start-up to use this technology in the energy sector, confirmed Marubeni in a press release issued Feb. 20.
Marubeni, which has expanded beyond Japan into the United States and Europe, has chosen the LO3 Energy transient energy platform as the basis for an ongoing pilot project. The Japanese firm is the country's fifth-largest sōgō shōsha – a type of Japanese company that markets a variety of products and materials.
Thanks to the blockchain, the goal of this partnership is to increase the automation and efficiency of Marubeni's renewable energy offerings.
"The energy sector in Japan is changing, and more and more private electricity producers and suppliers are interested in developing new customer offerings, especially in the renewable energy sector." said LO3 Energy's chief executive, Lawrence Orsini, in his statement:
"Initially, this project was internally focused, but he was very keen on Marubeni's willingness to explore the opportunities that blockchain management systems can offer in the field of energy trading across Japan."
"This project will allow us to privately badess how this type of network could work here in Japan and develop case examples that we can use to decide how and when this type of project could be implemented on a large scale. ", Said the director of the Marubeni electrical business operation. Yoshiaki Yokota, added the division.
By testing blockchain – based solutions for the transactional side of energy deployment, Marubeni joins a growing group of major players.
At the end of last month, Fujitsu announced that it had completed its own trial of a blockchain-based energy sharing project in collaboration with Japanese utility provider Eneres.
The LO3 Energy product has already been commissioned in the so-called Brooklyn Microgrid project, a mini local energy sharing network based in New York.
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