Thailand uses blockchain to support green energy trading

Thailand uses blockchain to support green energy trading
  • Thailand is taking the next step as part of its goal to switch to renewable energy by 2037.
  • This next step revolves around using blockchain technology to encourage clean energy trading.
  • TDED partnered with Australian Power Ledger, and international energy provider, BCPG Group.

Thailand is known for its support for renewable energy, although it seems to believe that it is time to take the next step in its efforts to encourage people to trade it. To achieve this, it recently announced a new method of making the process quick, easy, and safe — it plans to utilize blockchain technology.

Thailand to use blockchain to support clean energy trading

The announcement came this Monday, May 25th, and it concerns a public-private joint venture, TDED (Thai Digital Energy Development). The joint venture made a deal with a blockchain-based energy firm, Power Ledger. The goal of the partnership is the development of a digital energy business that would fully run on blockchain tech.

According to what is known, the deal will also include the country’s energy suppliers. If all goes as planned, Thailand will soon see a new solution for P2P energy trading, as well as environmental commodity trading.

Of course, this is all just a means to an end, which is Thailand’s ambition to hit a 25% renewable energy target. The country plans to hit this mark by 2037 and switch from fossil fuels as quickly as possible.

Picking up the pace

The co-founder and executive chairman of Australia-based Power Ledger, Jemma Green, commented on the new development. Green said: “Blockchain-enabled transactive energy solutions including peer-to-peer (P2P) energy trading, virtual power plants as well as renewable energy certificates and carbon credits trading will be the key to establishing economically viable renewable energy markets.

Green also added that the partnership with TDED will allow the company to speed up its efforts to promote digital energy markets in the region.

The partners will be in charge of overseeing the management of as many as four clean power projects. The power itself will come from a renewable energy provider known as BCPG Group. This is a firm from Bangkok that is dealing with wind, geothermal, and solar power. The company operates in Japan, the Philippines, Indonesia, and, of course, Thailand.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.
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