Introduction to BESC
BESC is a private-permissioned consortium-based blockchain [Platform as a Service (PaaS)] to enable energy project owners to keep track of their energy savings (energy efficiency) and/or energy generation (renewable energy) and able to provide shared- savings incentives and/or payment settlement via blockchain network.
BESC employs decentralized storage (IPFS) to store the energy performance data and uses smart contract to perform transaction settlement. With the data stored on the blockchain network, which is immutable and secured, the energy data can be converted into the carbon emission data. The independent third-party auditor can use the collected data for verification and certification of the carbon emissions saving to produce the certification for the purpose of carbon credit trading.
The investors can fund the project through Open Green Fund (OGF) with the purchase of the security tokens (OGF token) in exchange for the stake of the project interest repayment interest returns.
Benefits to join BESC
Benefits to join BESC
Possible monetization of CO2 credits.
Notarized CERs for carbon emission savings and RECs for clean energy.
Fund raising of Solar PV/Energy Efficiency project though blockchain based crowdfunding.
Lower IT infrastructure capital expenditure.
Automated measurement and verification of data for corporate sustainable reporting and mandate to ESG framework.
Survivability of Energy Data (Tool to comply to ISO 22301 Business Continuity Management System Certification, ISO 14064 - GHG - Greenhouse Gas Emissions, ISO 50001 - EnMS - Energy Management Systems)
Who should join BESC
Frequently asked questions
What is Blockchain Energy Saving Consortium (BESC)?
Blockchain Energy Savings Consortium (BESC) is a platform intended to be a ledger for the energy generation, energy use, energy reduction, and avoided CO2 emission for any electrical equipment that is managed by an intelligent energy management system set up in the industry, building, or home.
What type of organisation is eligible to join the consortium?
(1) BESC members with qualified Registered PV Investor (RPVI) and/or Registered PV Service Provider (RPVSP) who offers Solar leasing;
(2) Energy Service Company (ESCO) who offers Energy Performance Contract (EPC);
(3) other renewable energy service provider;
(4) Building owners from SME.
How to get started to become a consortium member?
1. Sign up with our KYC form to become a member and accept the agreement with signature digitally.
2. Development of SDK to push data to BESC API from EMS/gateway to BESC Platform
3. Established energy baseline and successful data push/recording from EMS/gateway to BESC Platform
4. Conversion of carbon emission savings data to carbon credit equivalent and get verified and audited by a third party carbon assessor.
5. Completion of the cloud-based dashboard to track energy and carbon data & e-wallet for savings settlement
How much need to pay to become a member?
There is no joining fee for a new member. The annual renewal fee is subject to the consortium members and committee based on voting consensus.
What is the cost to participate?
There is based on a 1% transaction fee of the energy savings/generation for each project. The project owner also needs to establish the energy baseline with an energy audit done on their own cost and set up an Internet gateway to push the local energy data to BESC in the cloud.
Is the membership will be expired or subject to renewable?
The membership is automatically renewable until the member request to withdraw with following the withdrawal procedures.
Who can access BESC portal?
Project Owners, Project Developers ( Energy Service Providers), Carbon Accessors ( Auditors), and Certificate Registrars.
What the portal functionalities available for a project owner?
Project Owner functions:
What the portal functionalities available for an energy service provider (ESCO) /project developer?
The energy service provider (ESCO) /project developer functions:
5.Manage Devices - Meter
6.E-wallet - savings
What the portal functionalities available for a carbon accessor?
Carbon Accessor / Auditor functions:
What is the use of the wallet?
The wallet can be downloaded as an individual local wallet (with a private key store locally). The wallet uses to keep track of the tokens (Energy Savings Tokens, Green Attribute Tokens, and EPCC tokens) which are used for energy savings/carbon credits payment settlement transactions and voting multi-signature transactions.
How to get my project carbon emission savings to be verified and certified?
The project's energy usage data will be collected and converted to equivalent carbon emission savings (depend on emission factor) and will be audited with an independent carbon accessor before submit to the certificate registrar for verification and certification.
How long does my project data need to be collected for carbon credit monetisation?
Normally a project is required to collect at least a year of energy usage data before converted to certified carbon credits for monetisation.
How to use a smart contract for my project shared savings automatically?
A smart contract can be created under a project in the portal by specifying the percentage of energy savings sharing among the parties (included BESC 1%) for Energy Performance Contract or revenue sharing agreement. The energy savings tokens calculated will be automatically allocated to each party's wallet directly.
How to download?
The open-sourced Software Development Kit (SDK) is available (currently in Node.JS and Azure IoT hub in C#) on our GitHub website for download.
What the Software Development Kit (SDK) do?
The SDK is required to convert and reformat the energy data from the local SCADA system protocols to Internet-based protocol, namely the TCP/IP based format to transmit the data to the BESC cloud-based platform.
What platform does the open-source SDK is supported?
Currently, the SDK is supporting the Node.JS and Azure IoT hub in the C# platform.
Open Green Fund
What is OGF?
Open Green Funds (OGF) is a collective investment fund (CIF) using Equity crowdfunding and Initial Exchange Offering (IEO) from retail and angel investors, venture capitals, or institutional financiers to invest in green projects. OGF utilize the Decentralized Finance (DeFi) technology to facilitate the fund management in a transparent ledger such tokenize the asset as collateral (green attributed certificates i.e. carbon credit/REC) and investors’ stakes, automatically fund disbursement/borrowing (Decentralized Lending), payments & returns token exchange and token liquidity.
How to get financing my project from OGF?
More details available soon.
What is the BESC Marketplace?
What kinds of carbon certificates can be traded in the marketplace?
The type of the certificate should be supported with compliance to one of the standards such as Clean Development Mechanism by UNFCCC, Gold Standard, VERRA VCS, or local country-specific i.e. Greentech Malaysia
How is the project owner offering their carbon credits?
The project owner can upload the original issued carbon credits certificate via the BESC portal and the certificate will be verified (multi-signature by the registrar and BESC) and to be tokenised to Green Attribute Token (GAT) based of the number of the carbon credits in the certificate.
Who the buyer and how can purchase the carbon credits?
Any corporate or individual who looking to do carbon offsetting and to source for a cheaper price of carbon credits to offset the carbon tax. The buyer can access the marketplace with register to the marketplace and top-up the account with fiat to make bidding for the carbon credits available.
How to determine the pricing of carbon credits generated from my project?
The project owner can set the pricing of the carbon credits while uploading it to the marketplace. However, the final sold price of the carbon credits is determined by the buyers bidding price. The higher bid buyer gets the carbon credits.
Is BESC marketplace can legally perform carbon trading?
BESC marketplace enables project owners to submit any certificates of carbon credits issue by any registrar with compliance to the standards and support the trading of the recognised carbon credits. There are no legal requirements for a country to trade the carbon credits as voluntarily basic.
What should be ready for onboarding my company to join the consortium?
How to integrate my project into the BESC platform?
Depend on the project's local Supervisory Control and Data Acquisition (SCADA) systems, those meter devices connected either through Modbus or BACnet or other proprietary protocols, it must convert to TCP/IP format with installed an Internet Gateway to push the data to the BESC platform in the cloud. An open-sourced Software Development Kit (SDK) is available (currently in Node.JS and Azure IoT hub in C#) on our GitHub website for download.
How long the project's energy data be collected?
The data to be collected, processed, retained and to maintain data in any energy savings project undertake by the BESC platform during the duration of the project and for at least seven (7) years after the end of the Project.
Can my project to participate even not based in Malaysia?
Yes. Any project anywhere in the world can be joined into BESC as long as the data can push into the cloud. However, the carbon credit certification will be produced according to the project owner selection of the auditing compliance to the standard (such as Clean Development Mechanism by UNFCCC, Gold Standard, VERRA VCS, or local country-specific i.e. Greentech Malaysia)