SP Group, Singapore’s energy provider, will be developing blockchain solutions in collaboration with other providers around the world, it was announced.

This technology could help lower utility costs for customers and also make it easier to integrate renewable energy sources, according to a press release.

With Blockchain, energy devices such as heating, ventilation and air conditioning systems, electric vehicles, batteries and solar installations can transact with each other, which translates into greater cost savings.

The use of Blockchain technology could also mean greater cybersecurity for the industry.

The partnership comprises utilities providers, oil and gas companies, a non-profit organisation and a transmission system operator, from around the world, the release said.

“We look forward to working with respected industry partners to accelerate the deployment of Blockchain to help our consumers save energy and cost, and enhance their quality of life,” said May Liew, Director of Strategic Development at SP Group.