PTT, the national energy provider for Thailand has announced a partnership with the international not-for-profit organization Energy Web Foundation (EWF), in order to develop a country-wide renewable energy blockchain system.
The main goal of this joint project will be to create and launch an innovative, eco-friendly, and sustainable energy solution for the whole region, which complies with the International Renewable Energy Certificates Standard (I-REC).
Thailand is a very forward-thinking Asian country, and more than 99% of its territory is electrified. While this is a very good reach, most of the electricity in the country is generated through natural gas. About 45% of all consumers have electricity powered by natural gas and this is a worrying statistic, as a major problem with supply will leave about half of the country without an energy source.
In order to battle this, PTT is looking into ways to introduce country-wide energy diversification, and their collaboration with EWF is part of these efforts.
EWF is a pioneer in developing blockchain solutions in the energy sector, and their expertise is what PTT is looking to employ.
Verification of Sources through REC
One of the main concerns most governments have when it comes to renewable energy is the verification of sources.
What the joint project will bring to the table are renewable energy certificates (REC), which serve as the personal identification of any renewable energy source, be it a solar panel, or a wind turbine. These certificates will be securely kept in a blockchain-based database and marketplace platform.
Not only that but once the energy certified by the REC has been introduced in the grid, the REC becomes a commodity with active selling on the open market. This means that Thailand will not only be going green with its energy supply but will also make it increasingly sustainable.
The unification of all clean energy providers in Thailand in a single ethereum-based blockchain network will happen in several stages, according to EWF.
First, all renewable energy providers will have to connect to EWF’s Web Chain, so that their digital identities can be recorded on the blockchain, and securely stored there. Before launching the project, EWF is performing several months worth of analysis. The company will create a full portfolio of the capabilities of each provider, and make a general conclusion about the potential of clean energy in Thailand.
Once a clear statistic is compiled, providers will generate attribute certificates, detailing each megawatt of energy. Those certificates become part of EWF’s blockchain-based market for sales.
Green Energy for the Future
According to EWF, eco-friendly energy is the future of electrical supply. Thailand’s efforts serve as an example to other growing economies.
Clean energy providers are becoming numerous all over the world. Thailand’s decision to start working with EWF on developing a blockchain marketplace platform for renewable energy certificates will solves government problems. The country will benefit from a more diversified energy source portfolio. Furthermore these sources will mostly be producing clean energy, in accordance with global standards for environmental safety.
Thailand is looking to create a clean energy grid. In turn it would become increasingly sustainable once REC’s enter the market and start generating revenue.