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Thai Blockchain Energy Trading Platform Undergoes First Test

Bangchak Corporation Public Co. Limited (BCP), one of Thailand’s largest refining firms, tested an energy commercial microgrid and trading platform that is based on the blockchain. This was reported on March 7 by Microgrid Knowledge, a leading energy news site.

Energy Blockchain

This platform is located at a shopping mall that is adjacent to one of the fuel stations of BCP in Bangkok. The new system is made up of commercial rooftop that powers 280.9 kW and canopy solar photovoltaics. This power source operates on 92 kWh of lithium-iron-phosphate and 913 kWh of nickel-manganese-cobalt oxide and lithium-ion battery energy storage capacity.

This means that the microgrid generation and distribution platform is expected to provide support for the primary electrical supply needs of an average BCP fuel station. This is an additional work other than the generation, distribution, and storage of energy for the benefit of the tenants of the entire shopping mall.

Support from the Thai Government

So far, the government of Thailand has been actively supporting cryptocurrency growth and development as well as decentralized technologies. In fact, in January, a blockchain solution is on the way for e-voting. The National Electronics and Computer Technology Center (NECTEC) is responsible for this. NECTEC assured many people that, as soon as Thailand adopts 5G, all votes will adopt the new technology.

In fact, just last month, the Thai National Legislative Assembly has decided to allow tokenized securities to be issued and used on a blockchain. The changes are set to take effect in the latter part of 2019. When this happens, blockchain will allow the issuance of stocks and bonds.

BCP is also aiming to see whether the Green Community Energy Management System (GEMS) can be applied to BCP’s wide range of fuel stations all over Thailand. GEMS is a system that is still in its experimental stage and is expected to run not on Bitcoin but on Ethereum (ETH) blockchain. This is a massive opportunity for BCP and for the country itself.

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