South Korean news agency, Yonhap News Agency, reports that the government intends to build a blockchain-enabled virtual power plant in Busan.

The KRW 4 billion (USD 3.5 million) project will be located in Busan, the second largest city in the country. It has specifically selected the project in order to promote innovations in the energy sector. The power plant will be using blockchain that will allow residents of the country to take part in it.

A virtual power plant is a distributed energy production facility that multiple energy producers (small to large and even private, individuals) can connect their systems to, thereby creating a cloud-based power plant that can utilize excess and idle capacities of energy production systems to generate and distribute power. The Busan virtual power plant will be designed to integrate the city’s factories, other public energy storage systems and even solar plants.

The project is envisioned by the city government, along with different local firms such as the energy management Nuri Telecom, Busan City Gas, Korean Industrial Complex and the Pusan National University. The project will also be presented in an energy competition in 2019, which will be hosted by Korea Electric Power Company, the largest energy producer in South Korea.

Busan is a central hub of blockchain development in the country. The former financial policy Director General at Financial Services Commission and Busan minister of economic affairs, Yoo Jae-soo, had discussions on the establishment of a special economic zone within the Busan city to help promote, develop and grown blockchain industry in the country.

In June, the Industry-SW ICT Convergence Association, a government agency, had revealed plans on establishing a blockchain sector in the city that is going to be in line with the famous Swiss Crypto Valley.

 

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