Today, May 17, 2022, a South African blockchain business unveiled a carbon tokenization blockchain platform. It intends to accelerate the growth of renewable energy in the country.
Sinan Energy plans to start with a power production of more than 100 megawatts. This is with the support project by the sale of tokenized carbon credits.
According to Smart Energy, Sinan claims to signed power purchase agreements with numerous significant partners. As well as secured the necessary approvals to build and operate plants with a total capacity of at least 100MW. Construction will begin this month.
Hence, the South African firm plans to build power plants in Innovation Implementation Zones in the Northern Cape.
Two Revenue Streams
Sinan plans to sell energy as well as carbon credits to create cash. Sinan can integrate innovative renewable energy technology faster than competitors, accelerating commercialization and mass deployment, the business says.
The corporation used blockchain to tokenize, record, and verify its own carbon credits.
Carbon credits have become a lucrative business as the struggle against climate change takes shape. According to one research, this market will be worth $6.7 billion by this year. Bloomberg analysts expect a 3,000 percent increase to $190 billion by the end of 2030 as harsher regulations take place worldwide.
Blockchain technology gained ground in the energy sector, with peer-to-peer energy trading offering prosumers (producers/consumers) a better way to sell excess energy. Blockchain tracks transactions, while smart contracts facilitate digital currency payments between participants.
Only a massively scaling blockchain network can integrate into such a system. With its unbounded blocks, real-time transactions, and low fees, Bitcoin SV is the clear choice for this emerging industry.
What the Future Holds for Sinan
Sinan signed PPAs to build 100MW+ plants. Sinan’s Innovation Implementation Zone in South Africa’s Northern Cape features lots of wind and sun. Thus, the first two decentralized grids and independent plants will develop in Q2 2022.
The company will also work with leading worldwide energy innovators to develop new renewable energy solutions that are commercially able at the Sinan Innovation Implementation Zone. Sinan’s team consists of seasoned experts in designing and constructing renewable energy facilities from four continents. It also includes carbon credit generating and certification experts. Consequently, allowing the project to begin producing benefits by Q4 2022.
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