Thailand’s Bangchak Corporation Public to Test Blockchain for Green Community Energy Trading
Bangchak Corporation Public Co. Limited (BCP), a petroleum refining firm in Thailand, is examining how well blockchain works for their own needs with an energy trading platform and commercial mining grid. News of this test was first announced by Microgrid Knowledge reports on March 7th.
The platform is being tested at a shopping mall that is already connected to a Bangkok-based fuel station. With the new system, commercial rooftop and canopy solar photovoltaics will be combined with lithium-ion, nickel-manganese-cobalt oxide and 92 kWh of lithium-iron-phosphate battery energy storage capacity. Basically, the platform will be able to meet the needs of both the shopping mall tenants and the average BCP fuel station.
Presently, the Ethereum blockchain is planned to host the Green Community Energy Management System (GEMS) as an “experimental sandbox system.” Essentially, the goal is to see if the GEMS is sufficient to meet the needs of the fuel station network that spans across the country.
Managing director of Leonics, Wuthipong Suponthana, explains that they were chosen by the Bangchak Petroleum Co. so they could provide the knowledge necessary to operate microgrids and implement the system. The costs are coming down for energy storage systems, creating the perfect opportunity to implement a microgrid. This system will make it possible for GEMS users to reduce pollution and their own energy costs, which are major concerns in Bangkok.
Decentralized technologies are rising up in Thailand, thanks to the support of the Thai government. Two months ago, a blockchain voting opportunity was brought to the table by the National Electronics and Computer Technology Center (NECTEC). After the implementation of 5G, the new technology makes it possible to connect the entire system.
Last month, the use of tokenized securities, including tokenized stocks and bonds, was approved by the Thai National Legislative Assembly. Though approved, the changes will not actually be implemented until closer to the end of the year.