The Korea Power Exchange (KPX) recently unveiled a blockchain-based energy bid evaluation system for the Korean energy market. KPX is a specialized non-profit, independent of the electric utilities and manages the Korean electricity market, energy distribution, and the wholesaling process.
The company is responsible for the power market’s operation, which includes bidding, pricing, metering, and settlement of power transactions between generators and retail companies.
KPX said it has been using the blockchain-based proposal evaluation system from the beginning of this month. It outlined a three step process. The evaluation committee assesses the bids using an app, and the assessments are stored on the blockchain. The evaluation results are automatically posted on the website preventing manipulation or alterations and providing transparency.
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