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Siemens is the newest company that jumps aboard the blockchain wagon. The company announces that it intends to use the technology to bring innovation to the energy sector. It must therefore be possible to share energy in this way.

At the moment, Siemens’ plan is still in an experimental phase. It applies to two divisions of the company: Energy Management and Power Generation Services. By doing so, the company hopes to find a new way of storing energy and managing networks.

New projects

According to Siemens, it wants to proactively shape the future of blockchain-based transactional energy applications. It is therefore looking for new ways of giving customers the opportunity to participate and a business model for the operation of distributed energy systems, microgrids and financing.

Blockchain working applications and business models will help improve the overall efficiency of future energy networks, according to Siemens. They will also help to make new forms of project financing possible, the company writes in a statement.

30 percent more efficient

Details of the project are scarce. Siemens states that the solution is in any case developed in cooperation with the Energy Web Foundation. According to a white paper from that company, it has a self-made implementation of ethereum, which can be used for the Siemens system.

This solution would be up to 30% more efficient than the etehereum system itself. However, there is a good chance that this increased efficiency will be to the detriment of the centralisation of the system. That is not entirely certain, however. In any case, there is currently a great deal of uncertainty about the operation of this type of blockchain system.

This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.