Singapore Power Group, the country's energy utilities provider, has launched a blockchain-powered marketplace for renewable energy certificates (RECs).
The company announced in a press release Monday that the platform is "designed and built in-house" and enables organizations to trade in RECs – tradable certificates that represent energy generated from renewable sources such as solar. Blockchain technology, it says, bring the platform "security, integrity and traceability of each REC transaction."
When an entity purchases RECs, renewable energy is generated on their behalf by producers. The release says that buyers are automatically matched with sellers on the blockchain platform, helping companies to achieve their sustainability targets.