Power Ledger, KEPCO bring P2P energy trading to Japan

Power Ledger, KEPCO bring P2P energy trading to Japan
August 15, 2019

 

The cryptocurrency market continues to remain weak with all the major cryptocurrencies in the red. Bitcoin (BTC) once again succumbed to selling pressure, losing 7.4% in the past 24 hours to trade at $9,813. One of the reasons for the Bitcoin (BTC) sell-off is that Trump has postponed the recently announced China tariffs until December 15th to avoid issues during the Christmas holiday season.

It is now becoming increasingly clear that Bitcoin (BTC) is being traded as a hedge against risk, similar to gold. Ethereum (ETH) has lost 12.9% to trade at $181.56. Ripple (XRP) has lost 13.2% to trade at $0.2573. Other altcoins which have lost ground in the past 24 hours include Leo (LEO-$1.23, -0.2%), (LTC-$73.36, -14.3%), EOS (EOS-$3.47, -15.4%), Monero (XMR-$76.48, -9.3%), Bitcoin Cash (BCH-$304.38 -13.9%), Huobi (HT-$4.69, -6.4%), and OKB (OKB-$2.67, -13.9%), Cardano (ADA-$0.0465, -12.4%) and Stellar (XLM-$0.0691, -6.6%), Cosmos (ATOM-$2.74, -16.4%), Dash (DASH-$93.08, -8.6%) and Tron (TRX-$0.0174, 14.4%).

 

Government level initiatives

UK pension and welfare agency tracking blockchain as disruptors of payment network

The UK pension and welfare agency has marked out blockchain and distributed ledger technology (DLT) as innovations that could dishevel the payments sector. Richard Laycock, deputy director of digital payments and banking systems at the Department of Work and Pensions (DWP), stated that the DWP is looking at possibilities of improving its payments framework. DWP manages the UK’s welfare and pension policies.

In an attempt to convert the prevailing payment system into “efficient, modern, fast, scalable, flexible, innovative and available 24/7,” the DWP is tracking blockchain and DLT as likely disruptors to the payment network. Regarding DLT, Laycock further said: “We are starting to see the first full production implementations, such as Santander’s One Pay FX. The benefits include reducing time, cost and failure rate associated with making transactions whilst data is stored on a secure immutable ledger.”

Laycock also pointed out that open banking could permit new business models and products.

 

Private sector initiatives

Samsung includes support for Bitcoin in Blockchain Keystore

South Korean consumer electronics giant Samsung has added support for Bitcoin (BTC) in Blockchain Keystore, a store for decentralized applications. As per the information provided in the Samsung Developers website, the Keystore now backs Bitcoin along with Klaytn, the native crypto of Korean internet enterprise Kakao.

Blockchain Keystore is compatible with six smartphone versions of Samsung. They are Galaxy S10e, S10, S10+, S10 5G, Note10, and Note10+. Furthermore, Blockchain Keystore is offered in six jurisdictions, namely Canada, Germany, South Korea, Spain, Switzerland, the United States, and the United Kingdom.

The Keystore was first introduced as part of the blockchain, and DApp Software Development Kit (SDK) unveiled by Samsung last month. The kit allows account management and also backup, digital signature facilitation, and payment facility. Previously, Keystore was offering support only to Ethereum blockchain.

Earlier in August, Samsung had expanded its SDK offering with two new facilities – an AI-based digital analytics DApp named “Jupiter” and a QR code-based P2P wallet, dubbed “Mars.” Both facilities were incorporated in the Galaxy S10 as well as the latest versions of Samsung smartphones.

 

Google cloud joins hands with Cypherium

Google’s cloud division has entered into a partnership with Cypherium; an enterprise-focused blockchain network that offers both scalability and decentralization. Under the partnership, clients of Google Cloud will gain access to Cypherium’s blockchain solutions. Cypherium claims to provide an enterprise blockchain solution that facilitates thousands of transactions per second, in addition to privacy and multiple blockchain compatibility.

Cypherium CEO Sky Guo commented the following regarding the partnership: “We’re delighted to be collaborating with Google Cloud to provide enterprises with a full-stack solution to harness the potential of this paradigm-shifting technology. The growing demand in the market for DLT solutions in the financial industry and beyond drives our commitment to this collaboration.”

Cypherium utilizes a turing-complete virtual machine, coded in Java, to run smart contracts. Notably, Cypherium has also inked a partnership deal with Amazon Web Services and IBM Cloud.

 

Power Ledger and Kansai Electric complete blockchain trial

Australia’s Power Ledger, which offers energy-related technology, and Japan’s Kansai Electric Power Co. (KEPCO), have successfully completed the trial of a blockchain-powered peer-to-peer platform for post-FIT (feed-in tariff) excess power in Osaka.

The platform facilitates KEPCO to perform a P2P trade of excess power automatically and autonomously, including settlements with cryptocurrency. Fumiaki Ishida, KEPCO representative general manager, elaborated on the development: “Although there are still many challenges like amendments of relevant laws for commercialization, Power Ledger’s product presents significant opportunities for prosumers to sell their excessive energy at more advantageous prices and for consumers to buy it at more affordable prices.”

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Sammy

Sammy

Sammy is our forex expert, with over 20 years experience in the financial sector, she will be keeping you up to date with the ups and downs of currencies around the world


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