Japan’s Largest Electric Provider Is Testing Bitcoin on Lightning

Garry Singh

March 13, 2018 11:32 am

Japan's Largest Electric Provider Is Testing Bitcoin on Lightning | Coindelite News
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Japan’s Electric Supplier is Testing Bitcoin on Lightning.

Japan’s third-biggest power supplier is developing one of the principal significant organizations on the planet to trial a promising bitcoin payments technology.

Chubu Electric Power Co. has gone into a proof of concept with regional bitcoin and Internet of Things (IoT) start-up Nayuta, is testing on how bitcoin payments can be made using the Lightning System, an in-development protocol that guarantees to cut expenses for bitcoin clients.

Boasting 15,000 staff members and more than 200 power generation facilities Chubu is currently utilizing Lightning to prototype another method for giving clients a chance for paying to charge an electric vehicle.

In a demo of its work, Chubu and Nayuta went so far as to indicate how a Lightning payment could be sent to an electric vehicle charger that, once paid, in a split second turned on and started to charge an actual vehicle.

Chubu Electric Power Co. senior manager Hidehiro Ichikawa said that the test is an element of the organization’s “market research” into how bitcoin could control its IoT needs. However, he noted it doesn’t have any official intends to acknowledge lightning payments from clients.

In this way, Chubu’s story impacts others they get charmed by cryptocurrencies yet baffled by its current capabilities. Of note is that Chubu has been examining with bitcoin for IoT for a long while, however, confronted with a reminder when it realized its blockchain isn’t as cheap as advertised.

Ichikawa said:

“Since the electricity charge is small, [Lightning’s] necessary to reduce the fees for using public blockchains.”

Nayuta CEO Kenichi Kurimoto trust this test is a sign of something bigger – an enterprise interest in utilizing bitcoin to deliver IoT payments cost-effectively with Lightning.

“For IoT and blockchain applications, real-time payments are needed. We showed that second layer payments could be the solution,” he said.

Lightning + electricity = <3

However, it wasn’t simply Chubu and Nayuta associated with the test.

To indicate one-way Lightning can work for IoT, the two-organization node to an electric vehicle charger and connect to a car. From that point, they also enrolled Japanese software start-up Infoteria, which coded up a mobile app to deliver the user experience together.

Once clicking the “send” button, the application interacts with the charger over Wi-Fi or Bluetooth which conveys the message and turns the power on.

Notably, the organizations involved didn’t utilize real bitcoin in the test, as other “careless” experimenters have been doing as of late. Or maybe, the sent sham bitcoin on a closed test network that they have more control over.