Blockchain Energy Trading Platform Tested by Thai Petroleum Company

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Bangchak Corporation Public Co

Petroleum refiner Bangchak Corporation Public Co. Limited is checking a blockchain-based microgrid at one of its stations in Bangkok.

Thai petroleum refining firm Bangchak Corporation Public Co. Limited (BCP) is testing a blockchain-based energy trading platform and commercial microgrid, distributed energy news site Microgrid Understanding reports on March 7.

BCP is checking the brand-new platform at a shopping center connected to one of its fuel stations in Bangkok. The new system will purportedly integrate 280.9 kW of industrial rooftop and canopy solar photovoltaics with 913 kWh of lithium-ion, nickel-manganese-cobalt oxide and 92 kWh of lithium-iron-phosphate battery energy storage capacity.

Put another way, the microgrid generation and distribution platform will

help support the simple and basic electricity needs of a normal BCP fuel station in addition to generating, distributing and storing energy for the ultimate use by their shopping mall tenants.

The Green Community Energy Management System (GEMS) is “a speculative sandbox system” that will operate on the Ethereum (ETH) blockchain. BCP supposedly intends to see whether the GEMS can be used to its network of fuel stations across the country. Wuthipong Suponthana, the managing director of Leonics– the firm that developed the system– told Microgrid Knowledge:

“Our customer, Bangcheck Petroleum Co., wants their people to gain know-how regarding the design and implementation of microgrid systems, as well as know-how regarding the operation of microgrids as a business. Energy storage systems’ costs are coming down, and they want to be ready to implement these systems.”

Microgrid Understanding mentions that the brand-new system will allow GEMS users to save money on electricity costs and concurrently decrease contamination, which is a public health concern in Bangkok.

Bangkok Pollution

The Thai government has actually been active in supporting the development of decentralized innovations and cryptocurrencies. In January, the National Electronics and Computer Technology Center (NECTEC) established a blockchain option for e-voting. According to NECTEC, when 5G is ultimately adopted, all votes will be connected with the new innovation.

During February, the Thai National Legislative Assembly cast vote to make it possible for the issuance of tokenized securities on a blockchain. Soon after the changes come into effect later on this year, tokenized stocks and bonds can be formally issued on a blockchain.

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