Electrify.Asia was launched back in March 2017, and it’s the very first retail electricity marketplace in Southeast Asia.
The main focus of this company is to address the stringent need for transparency and security in the energy market.
ELEC is up by 8% on CoinMarketCap
On CoinMarketCap, Electrify.Asia’s token ELEC is doing great these days, despite the bearish trend that plagued the market all year and the recent market crash.
ELEC is trading in the green, and it’s priced at $0.009907 and up by more than 8% as you can see in the chart below.
SmartCitiesWorld interviewed Martin Lim, the COO and co-founder of Electrify.Asia regarding the ways in which decentralized energy can support smart cities.
Decentralization can help build smart cities
When Lim was asked what are the most significant milestones for his company he responded, saying that “we have transacted more than 60GWh of electricity through Electrify’s cloud-based platform, Marketplace, working with local businesses to find the best electricity retailer that suits their needs. This represents a Gross Merchandise Volume (GMV) of over S$10 million (£5.5 million).”
He also said that in the second half of last year they started making plans for growth via the use of blockchain.
For this, they enabled an ambitious project to take complex electricity contracts and execute them on the Ethereum blockchain via smart contracts on the framework that’s called Marketplace 2.0.
He also said that they created a scalable P2P energy trading platform, Synergy, and launched an ICO to fund it. According to Lim, it was the most successful fundraisers in Singapore.
Back in May, they produced the first MVP of the PowerPod IoT framework with a functioning sensor hub and data-visualization dashboard.
SmartCitiesWorld aksed Lim how Electrify.Asia can help with the shift towards smarter cities, and he answered that energy blockchain applications had been limited by the electricity market regulations and policy and they have only been able to succeed at a small scale.
He continued and explained that “In deregulated markets, blockchain can power energy transactions across an entire city. Blockchain-powered marketplaces allow for decentralization of the electricity grid, enabling individuals to buy and sell without an intermediary.”
You can read the complete interview here and find out more about how Electrify.Asia can provide smart energy for smarter cities.
Closing words
One of the main conclusions of the interview was that cities should embrace decentralization and adopt emerging technologies such as the blockchain and Artificial Intelligence into the energy equation.
