Japanese firm Ricoh has announced that it is developing a platform that uses blockchain to make renewable energy systems more efficient by tracking power generation and consumption in real time. The firm primarily produces electronic products, including cameras and office supplies such as printers and photocopiers and has been trading since 1936.
The 2011 nuclear disaster at Fukushima resulted in Japan heavily depending upon fossil fuels. The country’s energy self-sufficiency dropped to just 9.6% by 2019, as most nuclear power plants were shut down. Hence the demand for renewable energy and systems to make its use easier and more efficient.
This power transaction management system is part of Ricoh’s commitment to the widespread sustainability push, through which it hopes to reduce its greenhouse gas emissions by 63% by 2030. It has also pledged to go carbon neutral by 2050, a promise reinforced by its membership of the RE100.
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