Strengthening blockchain profile: Siemens joins Energy Web Foundation

The Siemens Energy Management and Power Generation Services divisions are now part of the Energy Web Foundation (EWF). As Siemens announced on November 21, the company wants to further profile by joining in the blockchain application in the energy sector.

A field of application for the blockchain technology are so-called island networks, to English "microgrids". As BTC-ECHO wrote on 21 November, these are spatially separate power grids fed from a relatively small number of electricity companies. With the announcement of joining the EWF, Siemens could also operate more in this field in the future:

"By combining microgrid solutions and blockchain technology, photovoltaic system operators can, for example, inject surplus electricity into the existing local area network and receive their compensation directly from" customers ", such as their neighbors."

it says in the press release.

In addition to the direct application in the energy sector, the traditional company of Blockchain also promises to improve the financing of projects in general:

"Blockchain-based applications could increase the overall efficiency of energy networks and enable new forms of project financing."

What is the Energy Web Foundation?

The EWF has set itself the task of promoting the implementation of blockchain technology in the energy sector. According to Siemens, the non-profit organization is the "leading association for the development of blockchain specifically in the energy sector".

Furthermore, the EWF provides an open source platform for testing blockchain projects. Using an Ethereum-compatible client, members can build and test applications. As a result, the EWF is helping to unleash the potential of blockchain technology.

Siemens is blockchainfit

As early as November 2016, BTC-ECHO reported on the cooperation between Siemens and the New York start-up LO3 Energy. Together, the two companies want to develop solutions for the blockchain-based automation of microgrids. A first test phase has already started in Brooklyn according to the press release.

The "smart" self-management of local power grids will probably be one of the major applications of blockchain technology in the future. Against this background, Siemens' entry into the EWF is a logical step.