Singapore based company SP Group which specializes in providing electricity and gas transmission in the country is going to launch a renewable energy certificate (REC) marketplace that will be powered by blockchain technology according to a recent press release.
The document states that SP Group will use blockchain in order to help the company to increase transparency and efficiency. Thus, the technology enables seamless and fully secure trade of renewable energy certificates between companies.
Renewable Energy Certificates (RECs) are tradable, non-tangible energy commodities that represent proof that 1 megawatt-hour of electricity was generated from an eligible renewable energy resource and was fed into the shared system of power lines which transport energy.
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