To Build Key Environmental Smart Contracts and Oracles
APX, the pioneer of environmental markets infrastructure, is pleased to announce the development of a series of APX smart contracts and a set of APX oracles for the environmental commodity markets. It will also offer a DLT for environmental commodities.
“APX’s infrastructure has served as the bedrock of many key environmental commodity markets for over 17 years now. It’s time acknowledge that distributed ledger technology (DLTs) has the chance to redefine many core building blocks in our financial services, energy, and commodity industries. APX embraces the challenge to redefine these commercial constructs for the betterment of its participants,” stated Joe Varnas, CEO of APX.
APX has been working on a number of smart contracts including its TIGRs (Tradable Instruments for Global Renewables) and TIGR PPAs. These smart contracts and oracles will be powered by the same core services offered by APX today and infused with APX’s universal project numbers (UPNs), environmental instrument numbers (EINs) and environmental market events (EMEs). We expect these contracts and oracles to be DLT-independent and able to interoperate with any industry DLT.
Additionally, a variety of energy meter data DLTs have emerged over the course of the last year and are in various stages of market readiness. “APX hopes to potentially use these DLTs as a primary source for meter data going forward and will be issuing a set of standards for these DLTs to conform to in order for TIGRs to be issued from these sources,” offered Katherine Graham, APX Product Manager of Power Services and Voluntary Programs for APX.
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