Japan Energy Giant to Sink Their Teeth into Ethereum Blockchain Startup

TEPCO, The Tokyo Electric Power Company, is Japan’s biggest energy company. They are investing into Electron, a UK Ethereum blockchain startup. Electron focuses on moving centralized technologies to decentralized technologies in the energy region. TEPCO has a whopping revenue of $456 billion. They provide energy to a majority of the homes and businesses in Japan and have subsidiaries in other countries as well. TEPCO’s partnership with Electron will definitely have a big effect on the energy market. Electron demonstrated a test run on homes from 60 different energy providers, proving that energy switches can be done 20 times faster than the current switching estimates. Electron’s meter can be used with other resources as well such as telecom and water. There is a huge need in this market to measure properties of these utilities that are used on a daily basis. TEPCO has also been involved with the Energy Web Foundation. The Energy Web Foundation is a non-profit organization that aims to use blockchain technologies in the energy sector. Singapore Power is also looking to arrange blockchain technology for commercial operations.

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