Blockchain is transforming energy systems in Bangkok
One of the world’s largest peer-to-peer renewable energy trading platforms is using blockchain technology to facilitate the cheaper purchase of electricity.
The pilot project in the Sukhumvit area of Bangkok uses a trading platform that allows residents to buy and sell electricity between themselves. The system has a generating capacity of 635 Kilowatts, as electricity can be traded between a school, an apartment complex, hospital and mall.
The project allows the community to meet its own energy demands and has led to better prices and a reduced carbon footprint. It is thought that programmes like this will encourage increasing numbers of people to switch to renewable energy as the cost is offset by selling excess energy.
Across the world there is a notable shift in how power is consumed and produce, with the growth of solar panels, mini grids and smart meters.
The World Energy Council has predicted that decentralised energy will account for a fourth of the market by 2025, currently it accounts for 5 percent.
Blockchain technology has been critical in the move towards decentralised energy as it offers a transparent method to manage transactions.
The project in Sukumvit sees electricity from four locations being sold to others through the trading system. In the event that all four locations have a surplus, the energy is sold to a local energy storage system and in future to the grid.
The project supports Thailand’s aim to source 30 percent of its energy from renewable resources by 2030. There are also further plans to roll out a 2 Megawatt trading system by 2021.
The AIDF Asia Summit will return in June 2018.
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