The marketplace was first introduced at the ASEAN Energy Business Forum, which took place in Singapore last week. According to SP Group’s official press release, the company is moving towards optimizing its operations with blockchain-based solutions to increase transparency, security, and efficiency.
The Chief Digital Officer at SP Group, Samuel Tan, explained that through blockchain users could trade renewable energy certificates in a fast, transparent, and secure way. The REC marketplace will help businesses operate with lower costs, lower to no paperwork, and great convenience.
SP Group’s platform will operate with both local and international RECs – certificates, showing exactly how much energy is being produced by solar power. Companies are already making contacts with SP Group’s marketplace – the first being real-estate trader CDL and the international bank institution DBS. The list also includes solar energy providers LYS Energy Solutions, Cleantech Solar Asia, and Katoen Natie Singapore.
Singapore has been a focal point for blockchain solar power energy trading even before SP Group’s platform unveiling. At the beginning of October, a SkyLedger-powered P2P platform was trialed, enabling households and citizens to produce, sell and buy renewable energy without third parties in the process.
Worldwide, blockchain has been widely adopted as a way of trading energy. In February, the state of New York started the Microgrid project, allowing New York residents to buy and sell power from solar panels.
In September, Vicinity – one of the largest real estate companies on the continent – mentioned the start of blockchain solutions trials, with the primary goal of supplying a shopping center entirely with solar power.