Narada, Electrify Partner Up to Bring Blockchain IoT For Energy Trading & Tracking
A recent announcement has been made in regard to a partnership between Chinese energy firm, Narada and a potential decentralised energy marketplace, Electrify. The decision came into effect to ensure that Electrify’s Internet-of-Things (IoT) solutions are made available across APAC (Asia Pacific).
The agreement was made specifically with Narada’s subsidiary and Electrify, where the two will be joining forces to maximize one’s ability to trace and track energy, while increasing transparency, security and efficiency altogether. To add to this, both parties have agreed to focus on increasing energy distribution across several regions including the likes of Australia, Cambodia, Japan and Singapore by 2018 year-end.
The main players are the services provided, namely, Electrify’s PowerPod and Narada’s energy storage platform. The PowerPod is an IoT device that claims to accurately track and audit the output from a small-scale solar panel. Another facet that makes PowerPod devices attractive is their ability to transfer energy logs onto the blockchain platform. The data then can be used to provide a better understanding of the trends of energy consumption.
The entirety of Electrify’s IoT devices will be implemented on Narada’s energy store platform, to apprehend and make sense of the data available. Ultimately, storing all the data onto one dashboard in which firms and consumers can track and compare energy prices against electricity prices in the market.
Spokesman at Narada, Johnathan Tai recently stated that company’s main goal is stimulate a “sustainable environment”. He also suggested that Narada’s core values intertwin with that of Electrify’s, making the partnership one of great value. In particular, he stated that, “Together with Electrify, we are confident in achieving this vision, introducing greater energy intelligence to the Asia Pacific Market.”
Co-founder and COO of Electrify, Martin Lim, also shared a similar comment in regard to the partnership by simply stating,
“We are pleased to be able to work closely with Narada and they share our vision of building smarter, cleaner energy systems that will serve the grid more effectively.”