Singapore Adopts Blockchain Technology To Develop Renewable Power

Maja Mazur
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SP Group, a major electricity and gas provider from Singapore, launches a blockchain-based renewable energy certificate marketplace. It will help in efficient and easy trading of sustainable energy.

New members of blockchain community

Electrical energy is a massive industry which needs constant improvements and innovations to keep working properly. Some companies have already noticed the advantages that come from using blockchain for increasing efficiency. Generally, more and more businesses are tending to to adopt crypto solutions and making them suitable for different industries. Now, apparently, it’s time for utility companies.

The big launch

On Monday, October 29th, a big Singaporean company – SP Group, announced the launch of a new blockchain-powered marketplace. SP Group (Singaporean Power Group) is a commercial entity being a former government power in the gas industry. The concern provides gas and electricity to over a million people all over the country. The development process of the newly announced project started a while ago. The idea was officially revealed in April, on SP Group’s Twitter page.

Trading renewable power

The blockchain technology is supposed to help in increasing the company’s efficiency and transparency. Samuel Tan, Chief Digital Officer of SP Group, stated in the press release that the newly adopted technology will help his company create a marketplace for trading renewable energy certificates. The process is going to be “convenient, seamless and secure”. He also brings up the ecological aspect which is very important in the modern world. The newly launched platform is going to help in producing and trading renewable power in an easier way.

International contracts

The marketplace will support both local and international companies. Solar power and other renewable sources of electricity will now be the priority of Singapore.  SP Group has already signed contracts with global companies such as a real estate developer – CDL and a multinational banking firm – DBS Bank. Three solar energy providers – Cleantech Solar Asia, LYS Energy Solutions and Katoen Natie Singapore – will also be joining the platform. We are looking forward to learning how the Singaporean concern will deal with the task of developing blockchain technology in the power industry.

 

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