IOST x Fujimi Town | Blockchain Deployment In The Japanese Energy Market, Powered by IOST
Around the world, emerging services driven by blockchain technology are thriving in all areas. Its characteristics of tamper-resistant, secure, and automatic execution of smart contracts made it reliable.
In Fujimi City, Nagano Prefecture, Japan, IOST partnered up with EverySystem and ElDesign to launch a P2P electricity trading project on IOST, and to empower the energy industry.
Fujimi Town is located in a mountainous area at the junction of the central part of Nagano Prefecture and Yamanashi Prefecture, where people can enjoy the magnificent view of Mount Fuji.
P2P Electricity Trading Project Overview
Energy consulting and retailing company elDesign and its group company Morino Energy will use the blockchain-driven bidding system and incentive mechanism to conduct an on-chain electricity trading experiment between companies (or individuals) in Fujimi in February next year.
For the power trading experiment. IOST node partner EverSystem will take charge of the development of this project, and IOST will provide blockchain technical support.
The project has a bidding system involving game elements and an incentive mechanism. Consumers bid once a day, and if it matches the price of electricity produced by the energy generator, points will be given to the consumer, and vice versa.
On 14th November 2019, along with over 5 media, the mayor of Fujimi Town, CEO of elDesign, Dr. Wada from EverSystem and IOST Co-founder and CTO, Terry announced the launch of this project at a press conference in Fujimi Town.
The mayor of Fujimi, Mr. Natori, gave a speech at the press conference. He points out that the commercialization of this PoC project will increase the employment rate and revitalize the region. Locals can expect this project in Feb 2020. It is said that the town-operated solar power generator Fujimi Mega Solar plans to participate in the project as a seller.
Japanese Media Reporting On This Project
Just as pointed out by the mayor, this IOST-powered project has profound meaning for all local people and energy companies. Many well-known Japanese media reported on this event.
With 3 million circulation, Nikkei Newspaper is the largest publication in Japan and one of the most popular media worldwide.
2. Nagano Nippo
Nagano is the local newspaper of Nagano prefecture with about 60,000 circulation.
3. Denki Newspaper
Denki Newspaper provides the latest news on electrical equipment, communications, electrical equipment, and construction.
4. LCV Cable
LCV Cable is the local TV of Nagano Prefecture.
A Model TAccelerating Blockchain Adoption
The development and launch of the electricity trading project based on IOST will provide a solid foundation for IOST to enter the Japanese market Meanwhile, this partnership offers a new way for blockchain mass adoption:
- Public chains can cooperate with professional traditional consulting firms and obtain constructive advice for the application of blockchain in a certain industry.
- To take a global perspective to search for blockchain application scenarios, and to accelerate the mass adoption of the technology.
For the last monthes, elDesign, EverSystem, and IOST have been collaborating on the project, designing an incentive model, and consulting lawyers for professional advice. Lastly, IOST would like to extend appreciation to Mr. Sakagoshi, CEO of elDesign, for all arrangements of this trip and the press conference in Fujimi Town, Nagano.