Blockchain to play an important role in Asia’s energy sector transformation
The energy sector in Asia is on the brink of a complete overhaul. According to the latest projections by Bloomberg New Energy Finance, Asia is set to receive almost 50% of the $11.4 trillion that will be invested in new power generation capacity until 2050. This represents a huge impact in the region. Furthermore, considering the rising concerns surrounding climate change, as stated by the Intergovernmental Panel on Climate Change in its latest report, renewables will become a centerpiece of the region’s energy transformation. Only one technology is equipped to unlock their full potential: blockchain.
The eventual liberalization of many electricity markets in Asia is opening up investment opportunities and new business models for consumers, producers and authorities. Utilities in the region have already started experimenting with blockchain technology, in preparation for what has been hailed as “the era of the prosumer”. For example, Power Ledger is working together with Thai energy utility BCPG in order to test blockchain technology for peer-to-peer (p2p) energy trading in a neighborhood in Bangkok. Meanwhile, in Singapore, Electrify is developing a blockchain-based marketplace that will enable p2p energy trading between users and/or the energy suppliers. All in all, blockchain is expected to impact not just the act of energy trading, but it is also set to revolutionize the financing side, the origination of renewables, the security of the grid and other applications.
The rapidly developing blockchain and energy landscape can be a difficult one to navigate. With so many initiatives popping up on an almost daily basis, it’s tough to distinguish the signal from the noise. To facilitate a powerful and effective platform for exchanging relevant knowledge and networking with industry-peers, Solarplaza has decided to bring its Blockchain2Energy conference series to Singapore. Blockchain2Energy Asia will be the key meeting point for developers, utilities, startups, consultants, technology leaders, investors and regulators, allowing them to explore the present and future of blockchain in renewable energy in Asia. Organized by Solarplaza alongside local partner Vertech Capital, this 1-day conference in Singapore (November 27) will be the perfect meeting place for the energy-blockchain community in Asia.
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