The growth of energy trading based on blockchain in Asia is growing rapidly with the North American and European markets.
The Asian region is bound to combine North America and Europe in the blockchain-based energy trading area with the growing interest of the market in a series of innovative projects involving distributed ledger technology (DLT) relationships Solar Plaza.
From Singapore to Japan, markets are embracing blockchain-based energy exchange opportunities. The first leaders of the global energy blockchain, including the Australian power ledger and LO3 Energy of the United States, are actively involved in the region's DLT. Asia also hosts a number of start-ups of fintech companies.
Power Ledger analyst Marrah Fry commented: "There is a huge appetite for blockchain-based energy trading in Asia and we have received tremendous support for our two projects announced in this region."
The Power Ledger of Perth, based in Australia, has projects in Japan, Thailand, South Korea and the Philippines. His project in Thailand is considered unique and is in collaboration with the Thai renewable energy developer BCPG and a partnership with the second largest Japanese utility Kepco.
In the context of the agreement, the Metropolitan Electricity Authority allows blockchain companies to access their network for free to provide Power Ledger with the ability to assist BCPG in offering peer-to-peer power exchange.
"This further demonstrates how much interest exists for our blockchain-fueled innovation across Asia," Fry added.
The director of LO3 Energy Australia, Belinda Kincaid, said that his company is also evaluating blockchain energy trading opportunities in Asia and plans to announce two new projects in Japan. He said that the willingness of Asian countries, such as Singapore, South Korea and Japan, to embrace blockchain-enabled energy trading makes the region attractive to investors.
However, he noted that the region's energy markets are less receptive and mature than advanced economies.
"It implies people's readiness to see how this could be beneficial," said Kincaid. "Every market is different, but many Asian utilities are intrigued and want to do a little bit of testing, they are generally very receptive to learning more."
At the beginning of this month, the researcher and energy technology entrepreneur Dr. Richard Lohwasser, CEO of Lition in Germany, rolled out a peer-to-peer renewable energy exchange platform in 11 German cities to serve at least 41 million households.
Lohwasser said the launch of Lition is timely as the world is ready to start implementing intelligent systems in large cities that do not have a stable electrical infrastructure and integrate smart technologies into existing infrastructures in cities with smart systems .