How The Energy Sector Is Getting Upgraded With Blockchain

Energy Sector & Blockchain

Energy Sector & Blockchain

Amongst the many potentially disrupted areas with blockchain, one is especially intriguing: the energy sector.

Since the beginning of the buzz about blockchain, energy companies have been striving to get the essence and practice of managing power with distributed ledger technologies (DLT). Rightfully so: energy could be better managed and distributed with blockchain, also allowing for the more efficient spread of renewable resources and peer-to-peer energy exchanges.

In the latest news, we could see the German tech giant Siemens joining the Energy Web Foundation. The EWF was established by the Rocky Mountain Institute and the Austrian Grid Singularity Foundation and is already joined by giants like Shell, Tepco, and Statoil. They are developing an open-source, scalable blockchain platform specifically for the energy sector.

Siemens has been exploring blockchain solutions significantly; they offer services with blockchain for optimized control for energy generation and consumption, as well as developing new business models with LO3 the energy start-up for innovative microgrids.

Siemens joining the EWF opens a door towards implementing new transactive energy applications for both the company and the foundation. The German company was not the only company stirring in the energy sector – KEPCO, Korea’s largest power provider, has announced its plan to use blockchain technology to develop cutting-edge microgrids. The solution will focus on developing energy infrastructure, especially for the local hydrogen economy, and on the three major trends in the sector today: decentralization, digitalization, and decarbonization.

Traditional energy providers, infrastructure creators, and energy technology companies are all diving into the possibilities of blockchain. There are also plenty of budding new entrants-start-ups like LO3, WPP, Power Ledger, GreeneumElectron and many more are offering new solutions for our energy needs.

All of these efforts are striving for one thing: better use and distribution of energy, with less impact on our planet.

While it is great to see so many individual organizations trying to build a better future with blockchain and sustainable energy technologies, it is even better to see joint forces via organizations like the EWF. Through these foundations, we can observe the natural network forming ability of blockchain technology, and a more beneficial approach between parties compared to the traditional competitiveness in the market.

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