For this project, Power Ledger will use its blockchain-powered platform to allow Sharing Energy to track renewable energy consumption from 100 pre-identified Sharing customers across Kansai, Chubu and Kyushu regions.

The two companies expect that this project could grow from the present 100 rooftops to more than 55,000 rooftops by the end of next year and they plan to sell to consumers via interested third parties or following Sharing’s procurement of a retail license.

For this project, Power Ledger will offer near real-time usage data to Sharing Energy and from November onwards Sharing will use Power Ledger’s peer-to-peer platform to facilitate trading between sellers and buyers using real-time data from existing smart meters.

The project will verify the feasibility and scalability of P2P energy trading in Japan, allowing Sharing Energy to research on energy transactions via Power Ledger’s blockchain-powered platform.

Power Ledger has already started working with Kansai Electric Power (KEPCO) to develop a virtual power plant (VPP) model to help address the country’s challenges with excess solar generation. In accordance with the Paris Climate Goals, Japan has committed to increase renewables and reduce its carbon emissions by 26% by 2030.

Power Ledger chairman and co-founder Jemma Green said: “We are proud of the work we are doing in Japan, and the strides we are making in democratizing energy across the globe.

“Especially given the increased effort by leading companies like Sharing Energy to embrace a new era of renewable energy this partnership is an exciting example of how our blockchain technology can make visions of implementing scalable, renewable energy solutions a reality for partners and communities worldwide.”

Sharing Energy president Emiko Koga said: “As our country is reevaluating how people and businesses buy and sell energy, we are fortunate to be working with an established leader like Power Ledger.”