Copy link
Increase text size
Decrease text size
Link copied

Thailand's PTT, Energy Web Foundation to develop blockchain renewable energy marketplace

Fri, 13 Sep 2019, 07:26 am UTC

Thailand state-owned energy company PTT and Energy Web Foundation (EWF), a blockchain energy nonprofit company, have collaborated to develop a blockchain-based renewable energy system.

As per a press release, the two firms plan to create a regional energy solution based on the Energy Web Chain, a new ethereum-based, public, “proof-of-authority” blockchain. The product is also compliant with the International Renewable Energy Certificate (I-REC) Standard, which provides certificates guaranteeing that renewable energy sources are legitimate.

The marketplace we’re co-developing with PTT will help to connect the supply and demand that we know is there, while doing so with the data transparency, reporting credibility, and ease that is so important to emerging [energy attribute certificate] EAC markets,” Jesse Morris, EWF Chief Commercial Officer, said.

A government- or trade organization-appointed issuer can provide I-REC tracking certificates to energy producers. Cointelegraph noted that after tickets are forwarded to a central registry, energy suppliers and buyers can prove the renewable origin of energy by redeeming the certificates.

Certificates are the principal way nations certify they are achieving renewable energy targets; how electric utilities certify they are reaching policy and regulatory-mandated renewable energy standards, and how corporations certify they’re meeting sustainability and renewable energy targets in their reporting,” Morris told Decrypt.

Until now, Thailand and its neighbors have been untapped markets for RECs that follow international standards. However, over the past years, the country has been gearing towards greater clean energy consumption. In fact, in 2018, Thailand produced nearly 28 million megawatt-hours in clean electricity, and the number is expected to double by 2037.

The proposed blockchain REC is slated to go live by May 2020.

Last month, the Congressional Research Service released a report that examines the pros and cons of using blockchain in the energy sector. The report noted that launching a blockchain solution can make an energy system more transparent, efficient, and flexible for customers.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,646.52 (-0.92%)
  • Ethereum (ETH) $241.01 (-0.79%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $253.75 (-1.80%)
  • Bitcoin SV (BSV) $194.10 (-1.70%)
  • Bitcoin (BTC) $9,646.52 (-0.92%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.