Thai Energy Sector Embraces Blockchain Technology

Asia Blockchain Review
October 14, 2019

 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 Sources Must Be Verified

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.

Certificates on Blockchain Platform

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.

Green Energy Country

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.

Source: businessblockchainhq.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Tencent Granted Blockchain Bank License in Hong Kong
Major Chinese tech company Tencent has recently been granted a blockchain bank license from the Hong...

November 19, 2019

US Taps Mavennet to Track Canadian Oil and Gas with Blockchain
Canada’s own Mavennet has been selected by the US Department of Homeland Security to develop and imp...

November 19, 2019

Tradewind Developing Blockchain-based Platform for Precious Metal Trade
Fintech company Tradewind Markets has announced that it will launch a blockchain app for the preciou...

November 19, 2019

Marseille Port Successfully Ends Trial for Blockchain System
Marseille Fos Port Authority has successfully carried out a blockchain test to develop solutions tha...

November 18, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us