EWF supported PTT with developing a commercial, blockchain-based marketplace platform for Thailand and Asia-Pacific in alignment with The I-REC Standard to transform market access and make it easier for corporate buyers to meet their proof-of-impact procurement needs in the region.Figure 1. ReAcc’s registration page (This image is the exclusive property of PTT PLC and are protected under International Copyright laws.)
In Thailand, Energy Web Foundation (EWF) has supported multinational energy conglomerate PTT over the past year to develop a platform for tracking, trading, and claiming International Renewable Energy Certificates (I-RECs). PTT’s platform, called Renewable Energy Acceleration (ReAcc), is fully compliant with The I-REC Standard, uses approved renewable energy production data from the I-REC issuing body, and enables direct I-REC trading with a modern user experience. ReAcc is built using Energy Web Origin, which is EWF’s open-source software development toolkit for renewable energy traceability, and leverages the Energy Web Chain, which is a public enterprise blockchain purpose-built for the energy sector that is maintained by numerous energy market participants.
ReAcc provides an open marketplace and promotes healthy market dynamics in a market that today is largely untapped, closed-off, and siloed for renewable energy buyers and sellers. It will help corporate buyers in particular better achieve their renewable energy impact goals in the region and prove the impacts of their renewable energy procurement. ReAcc removes various market entry barriers by making it easy and affordable for renewable energy buyers and sellers of any size to respectively buy and sell certificates directly with one another without requiring a third-party company to manage this transaction on a counterparty’s behalf.
PTT plans to fully launch ReAcc in early 2021. More information about this platform can be found on the ReAcc webpage and in the original press release announcing the development of this solution.
Some key insights from the development of ReAcc include the following:
- Support industry standards and regulations: Digital solutions that make use of new technologies like blockchain should ensure alignment with industry standards and regulations. In the case of ReAcc, PTT and EWF worked together to meet the needs of I-REC markets.
- Know the problem being solved: Digital solutions should tackle real problems and unlock new business opportunities so that they move beyond the proof of concept stage. PTT and EWF worked together to gather user requirements from numerous renewable energy buyers and sellers across the globe to understand how ReAcc can improve voluntary renewable energy markets in Thailand and wider Asia-Pacific region.
- Leverage standardized technologies supported by the energy sector: Rather than develop its own blockchain and using its own blockchain to deploy ReAcc, PTT decided to leverage the EW Chain and wider Energy Web Decentralized Operating System (EW-DOS), which was built in coordination with the world’s largest community of energy companies, utilities, grid operators, and start-ups focused on applying decentralized technologies in the energy sector. PTT is a member of EWF’s global member community.
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