Japan’s third-largest electricity provider Chubu Electric Power Co. is one of the major company heading towards making Bitcoin a promising payment technology.
Nayuta, a new startup which works on Proof-Of-Concept and Internet of Things (IoT) is a big Project launched by Chubu Electric Power Co which will work towards exploring how Lightening Network can be used for making Bitcoin payments, which will also consist of the development of a procedure that will help to reduce the fee for Bitcoin payments.
Senior Manager of Chubu Electric Power Co, Hidehiro Ichikawa told, that the market research includes all the demo work, to know how Bitcoin could power its IoT requirements. He also added, the customers will not be asked to pay for accepting Lightening Network as there are no official plans to do so.
Chubu is using Lightning Network to allow customers to pay for charging their vehicles. Along with 15000 employees and more than 200 power generation facilities are working together to empower this project. While testing the technology, Chubu and Nayuta took things really serious and demonstrated how payment once sent to the electric vehicle charger, started charging a normal vehicle without any bugs.
Kenichi Kurimoto, the CEO of Nayuta, says this demo was just a start for a new era, where Bitcoin will be used for delivering Internet of Things in a very cost-effective manner via Lightning Network process.
Thought, Chubu, and Nayuta are not the only ones, trying Lightening network. Two companies came together forming a Lightening Network and instead of real Bitcoin used dummy Bitcoin in the process. As it seemed a successful platform for this kind of experiment, but according to the experts it is still an early Proof-Of-Concept. It will consume a good amount of electricity which could surpass the profits in future.
Nayuta spokesperson Hitomi Moriyama said, "We will continue to develop and experiment to seek for what kind of architecture is the best to apply in Lightning Network for IoT". He also added, "[Lightning] makes it possible to operate a highly reliable charge management system with a small introduction cost".