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Siemens Joins The Blockchain Energy Alliance

The energy division in Siemens joins the union for blockchain developments in the energy industry. The company wants to proactively use this technology to create solutions in the energy sector

Smart Cities World reports that Divisions Energy Management and Power Generation Services of Siemens joined the Energy Web Foundation (EWF). The foundation is an alliance for blockchain developments explicitly meant for the energy industry. The organization’s mission is to “accelerate the commercial deployment of blockchain technology in the energy sector.”

Defining the Future of Energy

As a member of this non-profit organization, Siemens said it plans to shape the future of blockchain-based transactive energy applications and new prosumer centric use cases. It also aims to develop innovative business models around financing, microgrids and the operation of distributed energy systems.

Siemens believes transactive energy applications will be pivotal in the drive of the energy sector towards decentralized and digitized energy systems. Distributed energy resources (DERs) like solar, wind, heat pumps, electric vehicles, stationary storage systems, and others such as flexible loads are playing an ever-increasing role in the sector.

“By combining microgrid control solutions and blockchain technology, operators of photovoltaic systems can feed excess electricity into the existing local grid,” according to Siemens.

Also, new forms of plant and project financing are needed. Blockchain technology gives a way for transactions in a decentralizing network to validate securely.

Blockchain Solutions in the Energy Industry

Blockchain in energy market

The blockchain enables a new business model for the energy industry. Companies have the flexibility to service consumers, prosumers, producers and network operators, taking into account user preferences and network restrictions.

Ability to combine microgrid control solutions and blockchain technology can help operators of photovoltaic systems feed excess electricity into the existing local grid. And they can receive their compensation from the customers directly.

Siemens has started adopting the blockchain technology to help its customers. Predominantly, they have been helping their customers develop new forms of energy. Or offer solutions for optimized control of energy generation and consumption.

Siemens is also collaborating with New York start-up LO3 Energy to develop these new technologies further. That is primarily in the areas of innovative microgrids and peer-to-peer energy trading platforms. These areas are currently implementing in Brooklyn.

Overall, Siemens strongly believes that blockchain technology has evolved new business models that could help increase the efficiency of future energy networks. And that it could also permit new forms of asset and project financing.

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Siemens Joins The Blockchain Energy Alliance
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Siemens Joins The Blockchain Energy Alliance
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The energy division in Siemens joins the union for blockchain developments in the energy industry. The company wants to proactively use this technology to create solutions in the energy sector
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Akeredolu Feranmi

Feranmi is a guest author at Coinpedia.

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