Renewable energy is coming. A steady growth in solar panel energy production is causing a shift in the way the world gathers energy. No doubt about it.

Take the example of Thailand. The country is a bit late to the party, playing regulatory catch-up as residential solar panel energy collection and peer-to-peer electricity trade is spreading like wildfire across the nation. Regulators there are fearful of significant revenue losses as independent electricity producers, relying on blockchain technology for trade, are rapidly destabilizing the previously centrally-controlled energy economy.

This is causing an economic conundrum in Thailand, “As the markets grow bigger, less electricity is being purchased directly from the state-run utilities, meaning less profits for the traditional power industry” (source).

Thailand’s reaction? More fees! Not exactly the approach one would expect to encourage more renewable energy production and consumption.

It was just a year ago that Thailand eased up restrictions on non-government controlled power generation. The problem in Thailand is that the government just didn’t anticipate the enormous success of the young renewable energy sector working in synchrony with blockchain technology.

In the UK, things are, thankfully, different. EnergiMine has been working closely with the government here to promote decentralized renewable energy production and trade availed through the technology of EnergiToken. This lends our project a huge advantage — cooperation and foresight, working together with regulatory bodies to encourage adoption.

Energi Mine works most prominently with the honourable Lord Redesdale, a passionate advocate of the environment and proponent of renewable energy adoption in the House of Lords and CEO of the Carbon Management Association and the Energy Managers Association. Our positive relationship with governing bodies in the UK should not be underestimated. The same can be said for our efforts in South Korea, where we are making important inroads with regulatory bodies as they welcome innovative solutions using blockchain technology. This cooperative approach will help pave the way to prominence and widespread adoption of EnergiToken.

Ultimately, regulatory bodies cannot stop progress. However, certain restrictions can impede or steer the ship of progress in undesirable directions. Forward-thinking leaders understand that fees and penalties will only discourage innovation and slow growth. Instead, we need to look to solutions like EnergiToken that can motivate positive change and simultaneously produce wealth in the local economy.

Through our cooperation with regulatory bodies in the UK, Korea, and beyond, the EnergiToken project has the opportunity to achieve success and broad utility that will benefit both the economy and the environment.

For more information about EnergiToken and its energy-saving reward scheme, please visit www.energitoken.com, follow on Twitter at @EnergiMine or join the EnergiToken Telegram group.