Siemens Joins Blockchain-Driven Energy Platform to Increase Interoperability in Industry
Twodivisions of tech giant Siemens have joined a energy platform to promote the use of decentralized technologies in the sector, according to a press release Wednesday, Nov. 21.
According to Siemens, its Energy Management and Power Generation Services departments are partnering with open-source, scalable blockchain platform Energy Web Foundation (EWF), founded in 2017 to elaborate 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. Moreover, the technology could help increase the efficiency of energy systems and enable new forms of project financing.
The statement also notes that Siemens is already using blockchain accompanied by microgrid control solutions to optimize control over energy consumption. For instance, in 2016, the German firmwith startup LO3 Energy to develop microgrids
that enable local trading between energy consumers and producers on a blockchain platform. The solution was trialed in one of New York’s boroughs, Brooklyn, enabled to feed the excess electricity back into the local grid and receivefrom its purchasers.
As Cointelegraph previously, the company’s financing arm, Siemens Financial Services (SFS), took part in a blockchain pilot in August for guarantees using technology, launched by multinational banking and financial services company Standard Chartered (SC).
Blockchain is actively tested by major energy industry players in different countries. For instance, majorutility company SP Group, which provides electricity and gas transmission in the country, a blockchain marketplace to trade solar energy. Also in Asia, power provider KEPCO blockchain and other innovative energy solutions to develop an eco-friendly microgrid.