hiblocks and IONIA Energy signs MOU to Develop Blockchain-Based Power Transaction Service
Blockchain specialized company, hiblocks and renewable energy company IONIA Energy signed a business agreement (MOU) for the development and marketing of a blockchain-based power brokerage service.
Through this agreement, the two companies agreed on business collaboration and sharing infrastructure analysis related to the energy resources, marketing, and data security partnership, and making smart contracts for blockchain services.
hiblocks is a blockchain technology development and service company that is servicing a new social media platform, “HABL,” with the concept of “making money while using social media”. HABL is rapidly increasing its users, receiving great attention for its revenue sharing, where users share revenue according to their activities.
IONIA Energy plans to build a sharing economy market by applying the smart contract of the ‘Challenge’ feature provided by HABL to the power trading system of a virtual power plant. A virtual power plant is a system that maximizes the efficiency of power supply by integrating and managing small-scale power generation facilities scattered throughout the region like a single power plant.
As new and renewable energy and smart grids are attracting attention as next-generation power supply resources, a new power trading market is being formed where companies and individuals operate small-scale power generation facilities such as solar power generation, which are then bought and sold again. The virtual power plant is a technology that connects the distributed electric power supply network and demands so it can operate like a single electric power supply network, and the related market is growing rapidly around the world.
An official from hiblocks said, “With this agreement, we have an opportunity to introduce the new and renewable energy industry to the blockchain service. In the future, we will continue to plan and promote so that various industrial ecosystems can be linked to the HABL platform.”
On the other hand, IONIA Energy was awarded by the Minister of Trade, Industry and Energy, a merit in the development of the new and renewable energy industry at the 2002 Korea Energy Awards, which rewards people of merit in improving energy efficiency and spreading new and renewable energy. As of December last year, they also received recognition for its technological expertise and achievements.