Blockchain has been in the news a lot lately. Much of the noise is a result of the soaring valuation of the digital currencies it supports. However, digital currencies are just one application for blockchain technology. The energy industry is a relative latecomer to the blockchain space and only a small fraction of all blockchain projects are energy-focused. However, activity is picking up quickly.
Vietnam has a major opportunity to stop relying on foreign coal and build our own modern renewable energy system which does not pollute our air, our waterways, and our agricultural land. We should make sure we do not miss this chance, as Vietnam is privileged regarding its unexplored potential for diverse renewable energy sources.
Thai energy companies are on a roll. The national oil and gas champion, a coal miner and power utility, and upstart solar and wind companies are expanding across Southeast Asia, applying practices and technology developed at home, with Thailand is reaping the benefits of two decades of government energy policies that have supported the sector.
Energy and non-energy firms are planning investments of more than Bt130 billion in renewable energy this year, both at home and abroad, confident of strong growth in global demand for alternative energy, part of companies’ efforts to drive sustainable business growth.
If utilities think rooftop solar panels and batteries are bad for business, blockchain should scare the bejeezus out of them. That’s because in addition to helping more people slap panels on their rooftops, the distributed, digital ledger can also be used to trade electricity without a utility even knowing it.
Solar photovoltaic power is going to take over the world because it is scalable in a way no other power source can be. It can be used to build multi-hundred-megawatt power plants, or it can be scaled down. Way down. How far down? Try less than the width of a human hair...
Vietnam and the U.S. held a dialogue on energy security in Hà Nội, with both sides exchanging views on securing critical infrastructure and resources, strategic energy supply diversification and energy tariffs and pricing. The two sides also discussed technical assistance, renewable and new energy technology, and regional interconnectivity.
When the word blockchain is mentioned, thoughts of Bitcoin cryptocurrency naturally arise, but not for energy experts in Southeast Asia who have started to view the technology as an answer to the region’s escalating energy challenges.