Singaporean companies save 30% on electricity costs through the Blockchain

Electrify is using AI and Blockchain to drastically reduce electricity costs for businesses in Singapore

  1905
Solar panel installation. (Courtesy of Pixabay)

Solar panel installation. (Courtesy of Pixabay)

TAIPEI (Taiwan News) – Singapore's Electrify is helping companies save big money on their electricity bills through their online transaction platform that better links consumers to electricity provides through the Blockchain.

The transaction platform is more efficiently pairing consumers and producers of electricity and passing a 30 percent discount to consumers through "smart" contracts which are written on the Blockchain, taking lawyers and accountants out of the process.

Electrify works in the other direction too, allowing consumers to sell surplus electricity from domestic sources like solar panels to others.

Benson Wang, a tapas restaurant owner has saved SGD$900 (US$658) over the past three months since using the new service.

Wang is not the only one; 500 Singaporean companies have saved a total of SGD$1.5 million by using Electrify over the past year.

The electricity retail business is ripe for disruption because in many countries it is not digitized, and especially so in Asia said Julius Tan, co-founder and CEO of Electrify.

Electrify collects consumers together and gives them a centralized place to make the best choice of energy supplier.

The company does this by using artificial intelligence. "That will be our differentiator," said Tan during an interview with CNBC.

According to the Asian Development Bank, annual energy expenditure will increase from US$700 billion to $1.6 trillion by 2035.

"Many industries are going from centralized to decentralized to the sharing economy. We see the energy industry as no different." Said Tan