Blockchain Platform For “Green” Certificates Is Launched
SP Group, the main supplier of electricity and gas in Singapore, launched a blockchain platform for trading “green” certificates (RECs). According to a press release, companies from all over the world, regardless of their size and specialization, will be able to track transactions and exploit all the advantages of blockchain technology.
The new platform will allow an opportunity to buy both local and international REC certificates. These documents confirm that a company receives a certain part of electricity from renewable sources — solar panels. According to SP Group, such a move will increase the proportion of “green” sources in the electrical grid industry.
The project was presented at the ASEAN forum opening on Monday, October 29. Commenting on the event, chief digital officer at SP Group, Samuel Tan, said that the company provides the blockchain solution for convenient, seamless and secure RECs trading. The platform will help companies to become more eco-friendly and achieve environmental sustainability, he added.
The first blockchain transaction for “green” certificates has already been concluded by real estate developer CDL and multinational fiscal institution DBS Bank. In addition, the platform will cooperate with solar panel manufacturers Cleantech Solar Asia and LYS Energy Solutions. Here they plan to put up their certificates for sale, so that enterprises, by buying them, will be obliged to use “green” energy.
Previously, Ledger announced creating a blockchain solution for recording “green” energy data. The system has already been tested on several wind turbines and hydraulic structures.