Singapore Taps Blockchain in Energy Sector

Singapore Power, the national electricity and gas provider is collaborating with other global energy giants to develop commercial Blockchain solutions to help customers save on costs. Singapore power in its release believes that the Blockchain technology has the potential to transform the energy sector. It will reduce the cost of utility bills by efficiently integrating renewable energy resources. According to Singapore Power Blockchain will allow energy consuming devices to transact with each other.

According to May Liew, strategic development director at SP Group, “we are providing transformational solutions to serve customers better.” Energy Web Foundation is partnering with SP. Energy Web foundation is a global nonprofit foundation that advocates and accelerates Blockchain technology across the energy sector.

British utility giant Centrica PLC, French utility company Engie, US-based Sempra Energy, Dutch provider Stedin, German giant Technical Works Ludwigshafen AG (TWL) and Japanese provider Tokyo Electric Power Co (Tepco); oil & gas companies – Royal Dutch Shell and Norway’s Statoil ASA; and Belgian transmission system operator, Elia, will join Singapore Power in developing and exploring blockchain solutions in the global energy consortium.