PTT has teamed up with EWF, a blockchain technology expert in the energy sector, to develop a sustainable energy blockchain system as part of efforts to diversify the country’s energy sources. The system will create renewable energy certificates (REC) kept on the system for verification of clean energy providers.
Energy diversification in crucial in the country where as many as 45% of all energy consumers use power generated from natural gas. The blockchain system, jointly developed by PTT and EWF, will securely store the certificates to verify energy sources such as solar and wind. These sources must also comply with global standards for environmental safety.
After energy with an REC enters the grid, it will be sold in the open market, making the Thai energy sector more sustainable and ensuring sufficient green energy supply for the country.
Before having their digital identifiers recorded on the blockchain system, all renewable energy providers are required to link with the EWF Web Chain so the company can analyze their capabilities before issuing them a REC.
Containing attributes such as megawatt of energy, REC certificates will be available on EWF’s blockchain-based market for sale.
PTT hopes its collaboration with EWF will address national energy problems as the blockchain marketplace platform will help promote clean and renewable energy. Furthermore, the platform will help create a more diversified energy source portfolio for Thailand and serve as an example to other economies.
Thailand is planning to develop a sustainable green energy grid in a bid to become a regional leader in clean power.
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