Blockchain based TerraGreen to promoto renewables in ASEAN
One of the primary objectives of blockchain-based project TerraGreen is to promote effective trading and exchange of renewable energy across the ASEAN bloc, by means of facilitating interconnections and reducing the need for bureaucratic interventions. The means to achieve this are numerous, but the pragmatic approach adopted outlines the setting-up of power grids traversing through sovereign borders. A crucial condition for the creation and implementation is tokenization ‘en masse’, allowing for renewable energy commodification. This would directly result in the entry of this ‘tokenized’ energy into the ASEAN supply chain, and its interactions with entities via the Internet-of-Things.
The tokenized energy units will be cryptographically linked with the TerraGreen Coin and mounted on blockchain. This unique digital ‘energy value’ asset has the potential for creating a revolutionary and ‘trustless’ mechanism for micro-managing biomass wastes, ranging from agricultural, farming and forestry sectors.
Unique Renewables (Biomass) position of ASEAN
The Association of Southeast Asian Nations is fast becoming an attractive market for the development of biomass as an energy source. The ten country block comprising of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam established back in late 1960’s for the promotion of intergovernmental cooperation and sociocultural integration is one of the hottest market with enormous potential for biomass energy. The Asia-pacific region produces nearly 230 million tons of feedstock supply every year from diverse forms of wastes such as agricultural residues, animal wastages, agroindustrial wastes, woody biomass, chemical as well as municipal solid waste among others. The ASEAN region is another major producer of commercial wood and agricultural products which, when processed in industries result in large caches of biomass residues.
Currently, large-scale identification of suitable power generation units and grids for tokenization is underway. TerraGreen has however secured several renewable energy producers, and the combined figure for power generation stands at 100MWe from biomass power plants spanning across ASEAN bloc. As of now, energy sharing and trading is limited to localized grids in the region, primarily due to the absence of incentivized means of sharing via smart contracts and cryptographic authentication for proof-of-ownership and transfer.
For the sake of perspective, the share of renewable energy is about 19.2% of total world power demand. And statistics estimate this figure to essentially double-up in the next decade or so. The TerraGreen network has been envisioned accordingly so it may impart greater transparency and security to the renewable energy market, while delivering best value and experience to both the energy producers and energy users in a seamless manner.
The blockchain based renewable energy trading platform will serve to promote and assist in creations of renewable energy generating facilities around the world. The modus operandi revolves around linking the biomass suppliers, power producers and investors, and also renewable energy technology developers through the common medium of TerraGreen platform.
A project like TerraGreen holds many promises, but the foremost advantage from such a unique and innovative cryptographic platform is the eradication of the middleman in every step of the way. This would optimize the entire chain of processes involved within energy sharing, making it easier and economical, with improved raw material availability, superior technology, increased power tariffs to producers and lastly higher returns to investors.