Chubu Electric Power Co, one of the largest electricity provider is developing its company, and the biggest step is to implement blockchain on their network to create stability and liquidity through the customers, also a cryptocurrency will be used in payments and transactions, first choice being Bitcoin (BTC) and the other one could be Ether (ETH).
The electric giant has begun to do a lot of work to develop the company, firstly they have started a proof of concept with local bitcoin and internet of things (IoT), the move aims to reduce the payments through the lightning network, and the company promises to cut costs for bitcoin users. The company has already reached 15.000 employees and a lot of power generator facilities.
Chubu and Navuta have already reached a very important step in the development of electricity transmission, in a demo they have showed us that payment with Bitcoin, Ethereum and other crypto currency could be sent to recharge an electric vehicle. The company has already tried to implement the trend of Bitcoin, Ether and Blockchain, but the implementation costs are more than they expected, the move has been made to help liquidity and rapidity in payments, but the costs are not reduced that much. A statement has been made even when the movement was required.
“Since the electricity charge is small, [Lightning’s] necessary to reduce the fees for using public blockchains.”
“For IoT and blockchain applications, real-time payments are needed. We showed that second layer payments can be the solution,”
In the testing phase the company is not using real bitcoin and ether in transaction, they have used false bitcoin to pass the tests and not to lose money, because the company is obligated to make more transactions and the costs of bitcoin are very huge for transactions.
“[Lightning] makes it possible to operate a highly reliable charge management system with a small introduction cost,” he said.
The question is how many companies could use bitcoin for transaction when bitcoin platform can sustain no more than 7 transactions per second, probably the company will develop their own coin to process the payment