Siemens To Harness Blockchain For Energy Supply
coincap last edited by
Siemens wants to change the way we use electricity. Particularly, the company is leveraging blockchain in the energy sector to promote efficiency and reliability. However, the corporation is limiting its blockchain foray to two of its divisions.
To stay ahead of the curve, Siemens is looking for new ways to store energy and develop more efficiency in the power grid. The company is pursuing the blockchain experiment through Energy Management and Power Generation Services. These are the two energy-focused divisions of Siemens.
Siemens Joins Energy Web Foundation
Particularly, the Siemens divisions are joining the Energy Web Foundation (EWF) which is basically a blockchain-driven energy platform. The foundation is non-profit with a mission to accelerate the commercial utilization of blockchain in the energy sector.
Predictably, Siemens acknowledges the promise of blockchain technology in facilitating efficient energy supply. Specifically, joining the EWF enables the corporation to access a huge network of blockchain enthusiasts. The network includes “corporate affiliates, technology partners and strategic investors active in the energy industry.”
According to a news release, Siemens hopes to leverage EWF in shaping the future of energy supply. In part, the release reads, “As part of the EWF organization, Siemens aims to proactively shape the future of blockchain-based, transactive energy applications, new prosumer-centric use cases, as well as business models around the operation of distributed energy systems, microgrids, and financing.”
Proof-of-Authority EW Chain
Interestingly, the Energy Web Foundation is not only a community of blockchain enthusiasts. In addition to bringing together a global community, the platform has its own blockchain network; this network is responsible for the proprietary software the foundation provides to the community.
The foundation owns the Energy Web Chain which is publicly accessible. Interestingly, the EW Chain provides test network capabilities to users alongside permissioned validators.
According to a whitepaper, the EW Chain relies on a Proof-of-Authority (PoA) consensus mechanism. Particularly, the platform achieves the PoA by referring to the list of validators. In essence, the validators, in this case, will be the physical entities that participate in the consensus. This includes Siemens and other members of the community.
Of course, Siemens is not the first corporation to focus on leveraging blockchain in the energy sector. By 2017, there were already 15 known companies pursuing the blockchain line in terms of delivering energy to customers.
The technology is finding use cases in other industries too. Albert Heijn, the largest Dutch supermarket chain is using special QR-codes to facilitate transparency in its supply chain. Unsurprisingly, blockchain technology is at the center of the quest.
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
hola55 last edited by
Interesting. Never knew there was such a thing as Energy Web Foundation.
crazyfrog last edited by
Oh, Siemens using its brains for energy-saving.
pokemon last edited by
The risk disclosure is so important. The source is afraid that people might take its news just like that and base their investments on it.