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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“Perhaps the oil-backed cryptocurrency will be the pioneering project that will create a reliable structure for the cryptographic market as a whole," he concluded.
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“We describe an extension to Zether that can also hide the sender and receiver involved in a transaction among a group of users chosen by the sender. Though the overhead associated with anonymity scales linearly with the size of the group, no trusted set-up is needed and no changes to the underlying smart contract platform are required.”The report specifies that the Zether contract will never transfer funds without checking a transfer proof in order to prevent illegal transfers. This new design makes sure that the security of Zether depends on itself and not on third-parties or outside smart contracts. All of the privacy coins that provide users with a higher level of anonymity are still receiving mixed feelings from the community. For example, Charlie Lee declared he is focused on making Litecoin more fungible and private and to implement confidential transactions sometime in 2019.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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