The energy utilities provider in Singapore, Singapore Power Group, has just launched a marketplace powered by the blockchain technology to provider renewable energy certificates (RECs). The announcement was made during a press release on Monday. The platform is built in-house and allows organizations to trade in RECs. The RECs stand for tradable certificates that stand for energy that is generated from renewable sources like solar. The company intends to use blockchain technology to provide more traceability, security, and integrity of all the REC transaction”.
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After purchasing the renewable energy from REC, the company will generate the energy directly for the producers and sellers will be matched with buyers automatically on the blockchain platform. This will allow companies to reach the sustainability target. The chief digital officer at Singapore Power, Samuel Tan said:
“Using blockchain technology, we will allow companies to conveniently deal in renewable energy certificates securely and seamlessly. We will help them run greener business operations and reach their energy sustainability goals”.