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The Government of South Korea will spend 4 billion Korean won (KRW) (about $ 3.5 million) to create a blockchain-enabled virtual power plant in the city of Busan. The development was reported by the South Korean newspaper Yonhap News Agency on Monday 10 December.
Busan, the second most populous city in South Korea after Seoul, announced that the city's administration has selected a project to support an innovative energy industry in the region by building a VPP based on a blockchain shared by citizens.
The project will be represented in the 2019 national competition hosted by South Korea's largest electric utility, the Korea Electric Power Corporation (KEPCO).
With its definition, a virtual power plant is a cloud-based distributed powerhouse that integrates the inactive capacities of multiple energy resources in order to optimize power generation.
The VPP project recently promoted by the blockchain is intended to aggregate such energy sources as the factories of the Busan area and the public facilities of the energy storage system (ESS), as well as solar power plants.
The project was proposed by the city of Busan and by major companies and local institutions including the Pusan National University (PNU), the energy management company Nuri Telecom, Busan City Gas and the real estate company Korea Industrial Complex Corporation.
The city of Busan has already actively developed and promoted blockchain technology, according to the TokenPost focused Korean news agency.
At the beginning of this year, Yoo Jae-soo, Busan's Minister of Economic Affairs and former general manager for finance policy at the Financial Services Commission (FSC), would hold a meeting to discuss establishment of a special area in the city in order to build a friendly environment for the development of the blockchain and crypto industry.
In June of this year, the South Korean government agency, WICA (Industry-SW ICT Convergence Association), also announced the intention to create a blockchain center in Busan on the model of the Crypto Valley in Switzerland. According to the plan, the South Korean version of the Zug Crypto Valley is located in Haeundae, a rich and tourist beach area in the eastern part of Busan.
Today, the country's second commercial bank, Shinhan Bank, has launched a blockchain-based initiative within the institution's internal processes to reduce the number of human errors in record keeping.
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