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Siemens wants to change the way we share energy … with blockchain

Siemens industrial giant is the last company to make moves in the blockchain space. The company has announced that it intends to use technology to bring innovation into the energy sector and empower people – you know, the usual and now proven rhetoric of decentralization.

For the time being, the company is limiting its blockchain experiment to just two divisions: Energy Management and Power Generation Services. With this move, Siemens hopes to find new ways to store energy and develop a more efficient management system for energy networks.

"Siemens aims to proactively shape the future of blockchain-based transactional energy applications, new prosumerical use cases and business models related to the operation of distributed energy systems, microgrids and financing, "said the company.

"Ultimately, based on chains of blocks [sic] Business applications and models could help increase the overall efficiency of future energy networks and allow new forms of asset and project financing, "added Siemens.

Details related to this particular use case remain scarce, but Siemens says the solution will be provided by the Energy Web Foundation, a third-party blockchain developer. According to a white paper published by the Energy Web Foundation, the company is performing a customized implementation of Ethereum.

The document states that the solution is about 30 times more efficient than the Ethereum itself, but this efficiency is likely to translate into true centralization. In fact, ignoring pompous language, the Energy Web Foundation white paper indicates that the company is running another authorized blockchain.

But considering all the regulatory uncertainty surrounding the blockchain, can you accuse Siemens of opting for a more corporate solution?

Published 21 November 2018 – 13:08 UTC

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