SP Group, a major corporation providing electricity and gas transmission in Singapore, has launched a blockchain-powered renewable energy certificate (REC) marketplace, the company reveals in a press release Monday, Oct. 29.
The platform was unveiled at the ASEAN Energy Business Forum held in Singapore this week. The press release notes that SP Group plans to use blockchain to help the company increase transparency and efficiency. Samuel Tan, chief digital officer of the corporation, further explained:
“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 support both local and international RECs — the documents that serve as proof that a particular amount of electrical energy has been produced by solar batteries. The first contracts have already been signed with global real estate developer CDL and multinational banking corporation DBS Bank. Three solar energy sellers — Cleantech Solar Asia, LYS Energy Solutions and Katoen Natie Singapore — are also joining the marketplace.
Singapore is not new to blockchain-powered energy solutions. As CryptoNewspeople reported in early October, plans for a decentralized peer-to-peer electricity network powered by SkyLedger were announced. The platform will reportedly allow citizens to produce and trade renewable energy.
Decentralized platforms are widely used to back solar energy production and trading. in February, the U.S. state of New York developed the Microgrid project for households who want to buy and sell electricity produced by solar panels. And in September, Australian real estate giant Vicinity announced it will trial a blockchain solutions within its $75 million solar energy program, testing it to supply a shopping mall with renewable energy.