Thai State-owned oil and Gas Company PTT has gone into partnership with EWF a nonprofit Energy Web Foundation to create a blockchain solution for the renewable energy sector. Per the official press release, the platform will be built on the Energy Web Chain.
However, to create a platform that’s in full compliant with the regional laws, developers will use open source software development kits from EW Origin. The latter will ensure the platform is in full compliance with all requirements under the international REC Standards (I-REC).
Platform to Link Stakeholders
I-REC is responsible for certifying renewable energy sources. According to Jesse Morris EWF CEO, the platform will come in handy at connecting energy providers in need of certificates and the issuers. Through the platform, everything will be quicker and easily accessible to all stakeholders.
On the other hand, Worawat Pitayasiri, Senior VP of Innovation and Digital at PPT, believes the platform will link energy developers and corporate renewable buyers. The VP explained further saying;
“The blockchain solution will help in matching the market demand with supply. Additionally, for renewable energy assets present in the market, the platform will help create a supplemental revenue stream, but that’s not all. Through the platform, it would be easy for corporate buyers to achieve their sustainability goals. The platform will also help create new investments opportunities in the sector.”
While the above depicts developments in the Thai region, globally renewable energy blockchain projects are also coming up. For instance, in the US, the United States Department of Energy awarded organizations creating a blockchain-based platform to commercialize energy transactions with a $1.5 million grant.
On the other hand, in Australia, Power Ledger ran the first trial of its blockchain-based peer to peer energy trading platform. In the latter case, the primary goal of the platform is to help reduce associated costs, and also help improve efficiency.
PTT ran a successful transaction during its trial test. As development takes center stage, it’s nice to see stakeholders are leveraging blockchain technology to solve real-world problems.