Singapore Uses Blockchain for Renewable Energy Trading
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Utilities provider SP Group recently revealed that Singaporean companies can now buy and sell renewable energy certificates (RECs) using a blockchain-powered system.
SP Group says that similar to carbon trading, the new platform allows for better transparency and lower cost since it reduces the need for a centralized entity to verify transactions, and can eventually be used for cross-border energy credit trading.
Lars Kvale of APX, a global issuer of RECs, says that blockchain and DLT in the context of environmental commodity platforms can be used to establish trust relationships with upstream information sources without having to revalidate it.
Source: CNBC