Major Japanese Trading Organization Marubeni Collaborates with US Blockchain Company LO3 Energy

Marubeni Corporation, Japanese general dealing company has collaborated with a New Yorkassociated blockchain startup to use the technology for its energy commercial, Marubeni admitted in a press release on Feb. 20, Wednesday. 

This company, which has extended beyond Japan into the United States along with Europe, choose LO3 Energy’s transactive energy podium as the foundation for an ongoing pilot development. And the Japanese organization is the country’s fifth biggest sōgō shōsha , a type of Japanese institute that deals in all sorts of materials and products.

Practicing blockchain, the focus of the collaboration is to enhance automation and proficiency in Marubeni’s renewable energy contributions.

“The Japanese energy sector is in the midst of a drastic transition, and there are increasing numbers of private power producers and suppliers interested in developing new customer offerings particularly in the renewable energy space,” LO3 Energy CEO Lawrence Orsini remarked according to a press release:

“Initially this project is internally focused, but it is very much driven by the desire from Marubeni to explore the opportunities that blockchain management systems can offer in the transaction of energy throughout Japan.”

“This project will allow us to privately evaluate how this kind of network could work here in Japan and develop case examples that we can use to decide how and when this kind of project could be implemented widely,” Yoshiaki Yokota, the chief operating officer of Marubeni’s power business division, supplemented.

In challenging blockchain-associated solutions for the payment side of energy deployment, Marubeni merges an enhancing pool of main players.

Also at the end of last month, Fujitsu proclaimed it had finished its own trial of a blockchain energy contributing project in combination with Japanese utilities supplier Eneres.

LO3 Energy’s product has already witnessed active service in the so-called Brooklyn Microgrid scheme, a locally-associated, mini energy-contributing network in New York.