Siemens energy management and supply division has joined the international organization Energy Web Foundation (EWF). This organization is a non-profit alliance that supports the development of blockchain projects in the energy sector.
Currently, EWF is the leading alliance in the development of the blockchain in the energy sector. The list of EWF participants is constantly updated with new members, and it already includes corporate companies, technology partners and strategic investors. The organization notes that in the next few years, the energy sector will face many changes in the use of new technologies.
According to a press release, Siemens will increase the efficiency of commercial use of blockchain technology in the energy sector.
As a key example, the association provides applications for transactive energy systems. According to the National Institute of Standards and Technology (NIST), transactive energy is a system of economic and control mechanism that ensures the dynamics and balance of supply and demand in the entire energy sector. For the operation of a transactive energy system, blockchain technology is needed, since such systems include decentralization, decarbonization, and digitized energy systems.
Blockchain technology can ensure that transactions on a decentralized or P2P network can be effectively verified by a secure method. It is extremely important to have fast, clear and transparent information in the energy sector since there are many key stakeholders, such as consumers, suppliers, manufacturers and network operators.
The impact of the blockchain can go beyond its role in transactive energy and transaction verification applications. Technology can also open up new business models and provide new opportunities for financing clean energy projects.
In addition to joining EWF, Siemens also uses blockchain technology in its work. The company is currently applying new technologies to help customers discover new forms of energy for themselves or create solutions and services that optimize production and energy consumption.
In 2016, Siemens began to cooperate with LO3 Energy in order to establish trade in electricity on the blockchain. In addition, in the summer, it became known that Standard Chartered and Siemens will unite to develop a pilot project that will help place bank guarantees for trade finance in the blockchain.