Tokyo Electric Power Company Holdings (TEPCO) has invested in a UK-based blockchain.
Electron’s blockchain technology aims to establish more efficient, flexible, and reliable systems for the energy sector.
Working with TEPCO, the company will explore the potential to change existing centralised structures to decentralised systems in energy transactions by using blockchain.
Paul Ellis, CEO of Electron, said: “In the next phase of energy transformation, millions of new assets will be joining energy networks at both the transmission and distribution levels.
“There is a huge need to create a robust shared infrastructure that can identify and record the properties of these assets – this can be underpinned by appropriate blockchain technologies.”