Seimens Joins Blockchain Driven Energy Platform

According to a press release, which was published on Wednesday, November 21st, in an effort to promote and encourage the use of decentralised technologies, two energy divisions of Seimens, one of the largest industrial manufacturing conglomerate company, have joined a blockchain driven energy platform. The partnership, as per the report is between the Energy Management and Power Generation Services departments of Seimens with Energy Web Foundation (EWF) an open-source, scalable blockchain platform, founded in 2017. The main aim of this collaboration remains the elaboration of regulatory, operational, and market solutions for the energy sector.

(Read: Blockchain In Energy Sector)

The blockchain technology will help maximize the interoperability in the are, and link consumers with both energy producers and network operators is something that Siemens officials are hoping for. The report also elaborates about how the German tech giant has already made inroads into the ambit of blockchain technology and has already collaborated with a U.S. startup LO3 Energy in order to develop microgrids that facilitate local trading between energy consumers and producers on a blockchain platform. This usage of blockchain with microgrid control solutions is being done in order to optimize the control over energy consumption. The solution was tried out in Brooklyn and was successful in feeding the excess energy back into the local grid as well as receiving payments from purchasers.

(Read: How Does Blockchain Technology Work ? )

Blockchain, which is gaining more and more popularity day by day is being tested out by many major industry players, in many countries. SP Group, a Singaporean utility company which provides electricity and gas transmission in the country recently launched a blockchain marketplace where solar energy can be traded. KEPCO, South Korea’s largest power provider, is also all set to use blockchain and other such innovative eb=nergy solutions in order to facilitate the development of an eco-friendly microgrid.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.