A Singaporean local start-up has launched a trial for the country’s first peer-to-peer energy trading platform, which it's founder states that will grow the renewable energy market in the sun-drenched island nation.
Called Synergy, the platform will enable Singapore residents to produce, buy and sell renewable energy to one another.
Residents will be able to buy electricity from “prosumers”, consumers that double as small-scale producers when they generate extra energy, usually through rooftop solar panels.
When completed, consumers will have the option of paying for their electricity with regular currency or a cryptocurrency called Elec. The second option will log the transaction into the blockchain, which serves as a unchangeable record of the deal.
The platform was launched last month for the first phase of testing among a group of 15 consumers, prosumers and energy generators.
It was also explained by Tan that “We have created a way to optimise the system, so that if there’s overproduction of solar energy by one producer and underproduction another another because of cloud cover, we can take that extra energy and make up for that shortfall,”
He added that the company is testing the ability of its internet-of-things equipment to handle different energy production scenarios.
In Addition that that, Electrify aims to launch its renewed marketplace platform with Synergy and begin alpha testing in Tokyo in 2019. The start-up recently received US$30 million in strategic investments from Tokyo Electric Power Company to do so.
Asked how he would enhance Synergy’s aim of boosting the renewable energy market in Singapore with the energy-intensive nature of blockchain technology, Tan said: “Current blockchain technologies are not the most energy efficient.”
But there is a lot of research exploring how to reduce the technology’s energy footprint without sacrificing blockchain’s transparency and tamper-proof nature, he added.
More energy efficient blockchain technology could then “drive down the cost of using blockchain”, said Tan.
Source: Koh, 2018