Targeted system decentralization: TEPCO invests in blockchain startups

nStorms outrage: Japan’s TEPCO said last year it has reached cooperation with two blockchain start-up companies, including cooperation with Grid-based startup Grid to develop electricity prepaid platform, investment in blockchain start-up Electron, the development of block-based Decentralized distribution technology for chain technology to increase the reliability and efficiency of the power infrastructure. In addition, the company is involved in the Energy Network Foundation, a coalition that is devoted to transforming the energy industry globally.n
nTranslation: Annie_Xun
TEPCO, Tokyo Electric Power Company, invested in blockchain startup Electron.n
A press release on Friday showed that the Japanese energy giant announced that it had invested in British start-ups last year. The two companies announced plans to develop distribution applications aimed at creating more efficient and reliable infrastructures.n
Shin-ichiro Kengaku, Managing Director and Head of Global Innovation and Investment at TEPCO, said:n
n”We are thrilled to be working with Electron to explore and understand more blockchain expertise that has the potential to significantly impact the energy market and we believe it is important to continually look for new opportunities and create new value for society.”n
nTEPCO has long focused on blockchain systems, especially after the Fukushima Daiichi plant in 2011 leaked due to a devastating earthquake and subsequent tsunami. TEPCO revealed last year it has partnered with Grid’s startup grid Grid, which develops prepaid electricity for consumers.n
Last May, TEPCO became a member of the Energy Web Foundation, a nonprofit project aimed at promoting the energy sector blockchain.n
At that time, the company said, “Blockchain technology can be used to reduce utility costs, and it has the potential to play a game change role in the energy industry by allowing millions of energy equipment to trade with each other.”n

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