SP Group has revealed their latest innovation in blockchain; a renewable energy certificate (REC), at the ASEAN Energy forum. Dubbed the world’s first blockchain-powered certificate marketplace the trading platform showcased its first purchase during the forum.
SP Group is one of the largest energy group within the Asia Pacific region that happens to cater over 1.5 million in Singapore alone. The platform would allow consumers to buy electricity from green energy providers across the globe. The platform would connect buyers with sellers based requirement criteria.
Launching this innovative marketplace, the chief digital officer (CDO) of the group expressed that the group is looking to enable consumers and traders alike. The blockchain backed platform aims for secure and seamless trading for greener operations and higher sustainability, the CDO added.
Development Bank of Singapore’s chief operating officer (technology and operations) Mike Power expressed that the bank is keen on promoting a low carbon economy in the country. He also expressed the bank’s interest in collaborating with innovative ideas for renewable energy.
The platform is capable of catering small, medium and large enterprises supercharged by blockchain security encryption, and reliability.
While, on the other hand, local, international and region-specific certificates will be supported on the platform to leave no resource off, the trading grid.
So far SP Group has received a warm response from the market where City Developments Limited (CDL), The Development Bank of Singapore (DBS), Cleantech Solar Asia and LYS Energy Solutions are already on the bandwagon.
CDL and DBS Bank have signed buyer agreements whereas, Cleantech and LYS are bringing their solar assets in a collaborative effort with SP Group.
The platform, however, the first to be launched is not the only energy solution when it comes to the blockchain race. SkyLedger has reportedly announced their decentralized network for starters.
The Blockchain is already backing various energy production products it is however still a relatively new solution for the energy industry being tested in small packets across the globe.