Chinese Energy Firm Narada To Deploy Blockchain, IoT Tech Across APAC
The Asia Pacific (APAC) subsidiary of Chinese energy firm Narada Power Source is teaming up with Singapore startup Electrify to deploy blockchain and Internet-of-Things (IoT) solutions for energy trading and tracking across APAC.
Electrify has built a marketplace for electricity retail that uses blockchain technology to provide increased transparency and efficiency. The marketplace aims to make it faster and easier for both businesses and residential consumers to compare, select and transact electricity contracts.
The PowerPod is Electrify’s proprietary IoT device that tracks and audits energy production from small-scale producers before logging the data onto a blockchain, a key factor in peer-to-peer energy trading. The same data, along with other relevant environment information, will be able to provide valuable insights to parties both within and beyond the ecosystem. The company released the minimum viable product for the PowerPod earlier this month.