How about blockchain and electricity? Ultimately, this union would be electrifying, wouldn’t it? Of course, electricity is already enjoying the touch of blockchain. Notably, in a bubbling Bangkok neighborhood, electricity is interestingly fusing with blockchain. This comes in the form of a budding innovative renewable energy trading platform. In the end, this platform will support an enterprising peer-to-peer electricity exchange between participants of the platform.
Furthermore, the spice is the blockchain this platform deploys. Remarkably, this would rank as one of the biggest energy trading platforms the world has seen. At present, the platform boasts a total generating capacity of 635kW. Such amount will be balanced among the members through the Bangkok city’s electricity grid. This includes a school, a shopping mall, an apartment complex, and also a dental hospital. The pilot project would occur in Bangkok’s upmarket Sukhumvit neighborhood.
This platform could help people more easily adopt renewable energy. Of course, in the face of climate change and worsening industrial pollution, clean energy is the safest way out for our planet and posterity to continue to thrive.
A Budding Project with Beaming Prospects For Electricity Consumption
Obviously, this project is blazing with energy and vision. Already, commercial operations could kick off by October. To no one’s surprise, this blockchain-aided energy traded platform draws partners from many leading tech firms around the world. In particular, one of such partners is an Australian tech development firm with David Martin as the managing director.
According to David Martin:
“By enabling trade in renewable electricity, the community meets its own energy demands, leading to lower bills for buyers, better prices for sellers, and a smaller carbon footprint for all,’’ he said. ‘‘It will encourage more consumers to make the switch to renewable energy, as the cost can be offset by selling excess energy to neighbours.’’
The Place of Blockchain and the New Energy Trend
This is not particularly new, as neighborhoods across the world from the United States all the way to Australia are using solar panels to change the manner of production and allocation of electricity.
Additionally, blockchain has made such an exchange of renewable energy more seamless and transparent. Of course, this is in line with the new energy trend. Furthermore, the World Energy Council anticipates that such decentralized electricity will expand to approximately 25% of the market in 7 years from the currently modest 5%.
Most importantly, this renewable energy exchange platform will help users better manage and economize their use of energy. Users will sell the surplus renewable energy they can’t consume. This admirably conforms with the national ambitions of Thailand to satisfy 30% of its total energy consumption with renewable energy by 2036.
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