According to a press release on Monday, a big corporation, SP Group which offers electricity and gas transmission in Singapore has launched a blockchain powered renewable energy certificate(REC) marketplace.
The platform was revealed at the ASEAN energy business forum which took place in Singapore this week. The press release states that the SP group intends to utilize blockchain to support the company to expand transparency and efficiency. The chief digital officer of the corporation, Samuel Tan explained that “Through blockchain technology, we enable companies to trade in renewable energy certificates conveniently, seamlessly and securely, helping them achieve greener business operations and meet their sustainability targets.”
The marketplace will help both local and international RECs – the files fill in as evidence that a specific amount of electric energy has been produced by solar batteries. The first contracts have already been signed with CDL, a global real estate developer and DBS bank, a multinational banking corporation. Cleantech Solar Asia, LYS Energy Solutions and Katoen Natie Singapore, these three solar energy providers are also joining the marketplace.
Singapore has been into blockchain powered energy for quite a long time now. Just like how cointelegraph reported earlier this month, intentions for a decentralized peer-to-peer electricity network supported by SkyLedger was declared. The platform will allegedly enable people to produce and trade renewable energy.
Decentralized platforms are increasingly used to support solar energy production and trading. In February, microgrid project was developed by the US state of New York for houses that want to buy and sell electricity produced by the solar panel. Also in September, Vicinity, an Australian real estate company declared that it will try out blockchain solutions in a period of $75 million solar energy program, testing it to provide for a shopping mall with renewable energy.