Bangkok Residents Trading Energy On The Blockchain
A district within Bangkok is now using blockchain technology to trade energy. This is a new concept, but one that is being rolled out in many residential districts across the world. The premise is simple, some residents require more energy than others, demand changes over different periods and therefore, itâs more economical to share an energy reserve, therefore those who need more, can pay for it, those who donât will pay less and overall, energy is saved, doing great things for the environment in return.
Residents in Bangkok are the latest to experience this platform which now allows them to purchase and sell energy between themselves, instead of relying on pricy energy suppliers. According to Thomson Reuters Foundation:
âThe pilot project in the centre of Thailand's capital is among the world's largest peer-to-peer renewable energy trading platforms using blockchain, according to the firms involved. The system has a total generating capacity of 635 KW that can be traded via Bangkok city's electricity grid between a mall, a school, a dental hospital and an apartment complex.â
This is made possible via Australian blockchain firm Power Ledger. David Martin, the Managing Director of the company has said:
"By enabling trade in renewable energy, the community meets its own energy demands, leading to lower bills for buyers, better prices for sellers, and a smaller carbon footprint for all. It will encourage more consumers to make the switch to renewable energy, as the cost can be offset by selling excess energy to neighbours."
This is a part of a bigger roll out that is hopefully set to run through the whole of Bangkok over the coming years. According to Thomson Reuters Foundation, the Bangkok Metropolitan Authority expects:
"Peer-to-peer energy trading to become mainstream for power generation in the long run.â
Moreover, a spokesperson has said:
"There are opportunities everywhere - not just in cities, but also in islands and remote areas where electricity supply is a challenge.â
This is yet another use for blockchain technology, one that is already having an impact on the lives of normal people, giving them access to a fairer, more liberating and more democrating energy supply system, one that doesnât just benefit suppliers, it can benefit customers too.
Thomson Reuters Foundation Report