German tech giant Siemens is in our digital currency news today after joining a blockchain-driven platform that works in the energy sector, so they can promote the use of decentralized technologies, according to their press release.
Siemens’ Energy Management and Power Generation Services departments partnered with the Energy Web Foundation which is a scalable blockchain platform to come up with operational and regulatory solutions for the energy sector.
The company strongly believes that blockchain technology will help link the consumers with the energy products and the network operators. Also, blockchain will help improve the efficiency of the energy systems.
According to the statement, Siemens is already using blockchain technology for optimizing control over energy consumption. Back in 2016, they collaborated with a US startup so they could develop microgrids that will enable local trading. The project was trialed in Brooklyn and the excess electricity was returned back into the local grid so the experiment turned out to be a success.
Also, Siemens Financial Services were a part of the blockchain pilot for bank guarantees launched by UK financial services company.
Blockchain technology is tested actively every day by plenty of energy industry companies in many countries around the world. As an example, we can take a look at the Singaporean SP Group company which provides gas transmission and electricity throughout the country. Another example is South Korea where they have the largest power provider KEPCO that uses blockchain technology and other creative and innovative solutions to improve the energy sector.
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