Thailand’s PTT, the National Energy Conglomerate, and Energy Web Foundation (EWF), the Global Energy Blockchain Non-profit, recently announced its partnership in the development of a new blockchain-based renewable platform, according to a report by Business Blockchain HQ.
The innovative, eco-friendly, and sustainable energy solution will be built on the EWF’s Web Chain to create a regional solution compliant with the International Renewable Energy Certificates Standard (I-REC).
Likewise, more than 45% of the energy produced in Thailand relies on natural gas, stoking concerns that any disruption to supply could potentially jeopardize energy security for nearly half the country. Hence, PTT is seeking ways to tackle the issue by introducing country-wide energy diversification.
EWF is a pioneer in developing blockchain solutions in the energy sector, promoting expertise that could greatly benefit Thailand’s energy security.
However, this joint project will focus on complying with renewable energy certificates (RECs). A blockchain-based system will be developed to store certificate information on a secure, immutable database and marketplace platform.
Energy Certificates Stored on Blockchain
It has also been reported that EWF stated all the renewable energy providers which will be linked on EWF’s Web Chain in order to record and store their digital identities.
Prior to the launch of the project, EWF is taking several months to conduct an in-depth analysis to create a full portfolio of the capabilities of each energy provider and summarize the potential of clean energy in Thailand.
When the overall data analysis is complete, providers will generate attribute certificates, detailing each megawatt of energy. Those certificates will play an important role in EWF’s blockchain-based energy marketplace.