Two energy divisions of the German technology giant Siemens have joined a blockchain-based energy platform to promote the use of decentralized technologies in the sector, according to a press release published Wednesday, November 21st.
According to Siemens, its Energy Management and Power Generation Services departments collaborate with the open source and scalable Energy Web Foundation (EWF) blockchain platform, founded in 2017 to develop regulatory, operational and market solutions for the energy sector.
Siemens officials believe that blockchain technology will help increase interoperability in the area, linking consumers with energy producers and network operators, the press release writes. Furthermore, technology could help increase the efficiency of energy systems and allow new forms of project funding.
The statement also notes that Siemens is already using blockchain accompanied by microgrid control solutions to optimize control over energy consumption. For example, in 2016, the German company collaborated with the US company LO3 Energy to develop microgrids
which allow local exchanges between energy consumers and producers on a blockchain platform. The solution was tested in one of New York's boroughs, Brooklyn, able to re-enter excess electricity into the local network and receive payments from its buyers.
As previously reported by Cointelegraph, the financial arm of the company, Siemens Financial Services (SFS), participated in a pilot blockchain in August for bank guarantees using R3 Corda technology, launched by the multinational banking and financial company Standard Chartered (SC) .
Blockchain is actively tested by the major players in the energy sector in several countries. For example, Singapore's leading service company, SP Group, which supplies electricity and gas to the country, has launched a blockchain market to exchange solar energy. Also in Asia, South Korea's main energy supplier KEPCO will use blockchain and other innovative energy solutions to develop an environmentally friendly micro-network.