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Digital Currency Forum Electric Power Transaction Subcommittee (Subgroup A) to Begin Demonstration Experiment

2022.03.09

Digital Currency Forum Electric Power Transaction Subcommittee (Subgroup A) to Begin Demonstration Experiment

- Demonstration test of Digital Currency used in electricity Peer to Peer (P2P) transactions in a commercial service (store) -

DeCurret DCP Inc. (HQ: Chiyoda-ward, Tokyo Japan, President & CEO: Kazuhiro Tokita, hereinafter “DeCurret DCP”) announces that, at the Digital Currency Forum, Subgroup A of the Electric Power Transactions Subcommittee, of which The Kansai Electric Power Company serves as the executive committee, will conduct the first demonstration experiment of store settlement with the Digital Currency DCJPY (tentative name).

The Digital Currency Forum, for which DeCurret DCP serves as the secretariat, is an initiative to study the practicality of Digital Currencies in Japan with the participation of more than 70 companies, banks, local governments, and organizations in a wide range of fields, including leading Japanese banks, retail, transportation, and information and communications, as well as experts and observers from related ministries and central banks.

  1. Background

Considerations for electricity and environmental value trading are accelerating against the backdrop of the end of the feed-in tariff (FIT) after November 2019 (graduated FIT) and the low price of solar power generation. In this context, there is growing interest in electric power P2P trading, which matches electricity generators with electricity consumers, and the creation of new businesses through the use of electricity data. With a view to the future practical application of Digital Currencies, the Electricity Trading Subcommittee is examining the use of Digital Currencies for settlements associated with the buying and selling of electricity, as well as proof of use of green power and new services that utilize renewable energy.

  1. Efforts of Subgroup A of the Electricity Trade Subcommittee

The Power Transactions Subcommittee of the Digital Currency Forum, divided into two groups, envisions the use case of "power transactions" as Business Process area of Digital Currency, and will verify the feasibility and usefulness of the Digital Currency for this business by conducting a PoC (proof of concept) in which the Digital Currency is applied for payment and settlement of consideration. Of these, the six companies in Subgroup A are studying the use of Digital Currency received from power trading for settlement at retail stores, in addition to settlement of power and environmental value transactions.

  1. Summary of Demonstration Experiment
  • Period: March 9-14, 2022
  • Experimental Details:
    1. Verification of API linkage between electric power P2P trading platform and Digital Currency platform
    2. Verify whether simulated products can be purchased in stores using simulated Digital Currency obtained through power transactions using an app.
    3. Study new business models for commercial and service use of Digital Currency, as well as specific requirements for applications

 

<Use Case Overview>

  • Companies Participating in the Demonstration Experiment (Electricity Trading Subcommittee, Subgroup A, 6 companies)

The Kansai Electric Power Company, Incorporated (Executive Secretary), Chubu Electric Power Co., Inc., Hankyu Hanshin Holdings, Inc., MUFG Bank, Ltd., Lawson, Inc. and DeCurret DCP Inc. (Secretariat)

 

20220309_ElectricPowerTransactionSubcommitteeToBeginDemonstrationExperiment_WEB-fb001767.pdf