Thailand’s State-owned Energy Company Develops Blockchain-Based Renewables Platform
Thailand’s state-owned energy company, PTT, has partnered with the nonprofit Energy Web Foundation to create a new blockchain-based renewable energy system.
Their goal is to develop a regional energy solution that’s compliant with the International Renewable Energy Certificates Standard (I-REC), which provides certificates to companies verifying that their green energy is legitimate and derived from a reliable and sustainable source. The platform will be built on the Energy Web Chain, a new Ethereum-based, public, “proof-of-authority” blockchain.
According to a press release shared with Cointelegraph on Sept. 11, the parties are developing a regional solution based on the Energy Web Chain. The new product will also be compliant with the International Renewable Energy Certificate (I-REC) Standard, which certifies renewable energy sources.
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Thailand’s national utility launches Ethereum-based renewable energy platform
Up to now, Thailand and its neighbors have been “largely untapped markets” for renewable energy certificates that meet international standards, according to the EWF, with the majority stemming from the U.S. and Europe. However, Thailand has been moving steadily toward greater clean energy consumption over the past few years. In 2018, Thailand generated about 28 million megawatt hours in clean electricity, and that figure is expected to double by 2037, according to the Foundation.
Several steps come with building a renewables program through Thailand’s PTT, said Morris, including establishing a “digital identity.” Morris explained that several physical assets, i.e. wind farms and solar farms, need to connect to the Energy Web Chain and interact via their digital identities, including generating energy attribute certificates in real-time as they produce renewable energy.
The Energy Web Chain’s blockchain marketplace must then sync up with the database of renewable energy certificates, and match buyers and sellers depending on their specific energy needs, the Foundation's COO explained.