Save On Electricity Bills With Electrify, A Platform Based On The Blockchain Technology
According to their website, Electrify the first retail electricity marketplace in Southeast-Asia, offering safe and transparent electrical power consumption. They also say that you can save up to 25% on your electricity bill with Electrify, the first platform in Asia that’s based on the blockchain technology and is dedicated to the consumption of energy.
Electrify plans on extending its operations in Japan and Australia starting with fall 2018 because, as its CEO, Julius Tan, said, the energy sector can benefit significantly of blockchain technology and the decentralization this kind of network can provide.
Electrify is already used by more than 500 companies and small businesses
The innovative company emerged in the business sector and was quickly adopted by over 500 companies in Southeast-Asia. For example, a restaurant in Singapore, owned and operated by Benson Wang, a 29-year-old businessman, managed to save about 25% on the electricity bill.
Benson Wang’s restaurant is just one of the firms that teamed up with Electrify. More than 500 companies in Southeast-Asia partnered with this innovative blockchain platform for power consumption. Summed up, they managed to save about 1.5 million Singapore Dollars (approximately 1 million US Dollars) on electricity.
Electrify blockchain-based platform will be the future of the energy sector in Asia
The platform is permitting its members to compare the offers of different providers to choose the most advantageous plan. Electrify runs with smart contracts and is thus capable of saving about 30% in transaction fees.
As the stats shows, the electricity consumption will hit $1.6 trillion in Asia, by 2035. Therefore, Julius Tan, Electrify CEO, considers his company as the future of the energy sector in Southeast-Asia, at least.
“Many industries are going from centralized to decentralized to the sharing economy. The energy industry is no different. The electricity retail business is not digitized in many countries, especially in Asia, so customers have lots of options but no unifying platform,” stated Julius Tan in an interview with CNBC.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.