Singapore Power Group that is the main provider of energy utilities in the country announced about the launch of the marketplace powered by blockchain to be able to trade renewable energy certificates (RECs) there.
On Monday, the company mentioned this information in the press release calling the platform “designed and built in-house” created with the purpose of trading RECs. The latter ones are certificates that serve as a representation of energy received from the sources that are renewed. The reasons to choose blockchain technology were its possibility to make the platform secure, integral and traceable.
When RECs are purchased by entities, producers start generating a renewable energy for them. Thanks to the platform, buyers are connected directly to the sellers and companies have got a chance to reach their goal to be sustain.
According to Samuel Tan, Singapore Power representative, use of blockchain tech allows making trading of certificates convenient, seamless, and secure. Every business operation becomes green while every target seems to be achievable too.
The group has also provided information about the first buyers to sign up on the platform; it is City Developments Limited (CDL) and DBS Bank. The first power developers to join it as sellers are Cleantech Solar Asia and LYS Energy Solutions. Another company Katoen Natie Singapore that plans to open a solar facility in the country has joined the platform as a seller too.
At the beginning of this month, an American agency the Public Utilities Commission of Nevada announced about the plan to use blockchain tech to track energy credit as well.