Save on Electricity by Using Blockchain- Based Electrify
Cut your electricity bill up to 25% by using Electrify, a blockchain-based platform dedicated to power consumption.
Electrify is the “first retail electricity marketplace in Southeast-Asia addressing the need for transparency and security in the consumption of energy. With a GMV of over SGD$5 million to date, ELECTRIFY has transacted more than 30GWh of electricity for commercial and industrial customers since March 2017,” as it describes on the website. The services will be available in Australia and Japan starting this fall.
500 businesses use Electrify
Julius Tan, CEO and Co-Founder of Electrify, says the energy sector has all the chances of benefiting from decentralization, and it seems the Singaporean organizations agree with him. A 29-year-old entrepreneur Benson Wang experienced the platform’s benefits within his restaurant and it really worked, the costs for electricity dropped significantly.
Wang’s business is not the only one to adopt this technology. Other 500 local organizations have been interested in benefiting from such an opportunity. Together, they saved 1.5 million Singapore dollars in 2017.
The concept is simple
The concept Electrify proposes is simple. The platform offers customers the opportunity to compare the offers of the electricity suppliers, so they choose the most advantageous option. In addition, the platform incorporates Smart Contracts for accounting and management operations, a feature that saves 30% of transaction costs.
Tan hopes to provide through the Electrify platform the most advantageous offers of electricity suppliers. He also hopes that access to renewable energy will be easier in the future. As the Asian Development Bank reported, Asian annual electricity consumption will reach $ 1.6 trillion by 2035.
The Electrify business is definitely the future of the energy industry, as Tan stated. “Many industries are going from centralized to decentralized to the sharing economy,” Tan told CNBC, adding that Electrify sees “…the energy industry as 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,” claimed Tan. To adapt the energy sector to the 21st-century technology, CEO and Co-Founder David Lim have added Artificial Intelligence within the platform, a perfect feature for those looking for the most economical deals.