One of the biggest IT giants in Japan, Fujitsu, is in the latest news centered around the topic of blockchain on our DC Forecasts crypto news site. After successfully trailing a blockchain-based solution, Fujitsu found a way to address inefficiencies in electricity surplus management.
The news were confirmed in an official press release on January 29th, in which the company showed that the success rates of power sharing are successfully increased thanks to blockchain – in a process that is known as Demand Response (DR).
DR now aims to anticipate periods of peak demand by ensuring surplus power and is available to those who need it. The current technology that is involved makes DR an inefficient mechanism, according to Fujitsu, and is something which can be substantially improved thanks to blockchain.
As the press release reads:
“Fujitsu has now devised a system in which electricity consumers can efficiently exchange among themselves the electricity surpluses they have produced through their own electricity generation or power savings. The result was an approximately 40% improvement to the DR success rate.”
The company hopes for an even greater efficiency which will in turn inspire more consumers to sign up for DR. The move is also not the first venture into blockchain for Fujitsu which is known for launching a blockchain-based loyalty scheme for the retail sector in June last year, followed by plans for settlement infrastructure for nine Japanese banks in October last year.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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