Toyota Motor Corporation has joined forces with the University of Tokyo and TRENDE to test peer-to-peer electricity trading using blockchain technology.
The pilot will start next month at Toyota’s Higashifuji Technical Centre and the surrounding area in Japan to enable homes, businesses as well as electric vehicles (EVs) to trade power.
As distributed electricity supplies such as solar panels, battery storage and EVs become more widespread, Japan’s power supply has entered a transitional phase, moving away from a traditional large-scale system.
The test will assess the feasibility of a two-way, self-autonomous electricity supply system that allows direct trading with other prosumers.
Toyota said: “This is the world’s first test for electricity trading between individuals that incorporates PHEVs [plug-in hybrid electric vehicle] as a distributed power supply, in addition to solar panels and secondary batteries.
The test aims to verify the economic advantage of having electricity consumers and prosumers trade electricity through market transactions. It will also simulate electricity consignment fees based on distance and verify an algorithm for predicting the electricity demands of electrified vehicles, which have varying electrical consumption levels based on cruising range.”
Toshiba recently announced it is also exploring peer-to-peer power trading with a Japanese utility.
Technologies for energy users that can help them reduce costs and emissions will be among those on display at The Energy Solutions Show (TESS) on June 5th at Millennium Point, Birmingham.