Singapore Launched Blockchain-Based Green Energy Marketplace

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Singapore’s national electricity and gas provider, Singapore Power (SP), has launched a blockchain-powered renewable energy certificates (REC) trading. SP claims that the marketplace will aid local and international companies with meeting their sustainable energy targets.

The project was both, designed and built, in-house by SP’s team of experts.

“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.” – Samuel Tan, SP’s Chief Digital Officer said during the marketplace’s opening session.

Companies that purchase RECs are sold green energy from companies producing energy from renewable sources. The marketplace will automatically match buyers and sellers from around the world based on their requirements.

Multiple green energy providers are already onboard. Cleantech Solar Asia, LYS Energy Solutions or Katoen Natie Singapore, a company that will soon be launching Singapore’s largest single unit rooftop solar facility, have all expressed their excitement.

“We are very excited to be part of the SP REC marketplace. We are launching a 6.8 MWh Solar Power Facility in Singapore this week. The SP REC marketplace gives Katoen Natie access to a broaderecosystem to drive sustainability.” – Koen Cardon, Katoen Natie CEO.

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It’s great to see the blockchain technology being used to help companies find the optimal renewable energy suppliers. Blockchain is changing the world in many ways already. We’re happy to see that it can also be used to help save the planet we all share.

 

Images courtesy of Shutterstock.com

 

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