A Singapore based blockchain startup wants to totally change the way the Japanese and Australian electricity markets operate in order to help cut costs for all parts of the electricity markets including both the retailers and the customers.
Electrify, founded in 2017 is a platform that allows customers to pre-purchase their energy via smart contracts on the blockchain. The contracts set agreements between the supplier and the customer, confirming how much power had been pre bought, reducing the need for a middleman ‘bill’ company.
According to Nikkei Asian Review:
“Electrify plans a trial deployment soon with TAKE Energy Corporation, a southwestern Japan-based independent power provider with an emphasis on renewable energy.”
Moreover, Martin Lim, the Co-founder and ECO of Electrify has said:
“Electrify is currently in talks [that should result in] new partnerships in both countries in the medium to long term. This will put Electrify on track for its targeted expansion into Japan by first-quarter 2019.”
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There are some very exciting implications for this. This is giving customers control of their data and their own billing accounts. By selecting a pre-payment package they can be sure they only pay for the energy they use. Moreover, the transparency of the blockchain means that this data will also be visible, allowing customers to gain complete control of how they use and manage their energy bills.
Likewise, this gives suppliers a chance to work directly with their customers, instead of selling energy off to electrical wholesale firms that then go on to act as a middleman and dictate the price of the energy.
This, will make energy cheaper and more accessible, Electrify are doing really good work here.
Furthermore, according to Nikkei Asian Review, Lim said:
“Japan’s energy market, served by more than 400 deregulated retailers, collectively has seen energy demand rise by more than two-thirds.”
“In Australia, new business models to be used in newer emerging and recently deregulated geographies.”
This is an exciting project with real game changing implications. Should a roll out in Japan and Australia prove successful, we could very well see Electrify expand into Europe and the United States too, changing the way power is regulated for the long term.