Siemens joins EWF to accelerate commercial deployment of blockchain in energy sector

Siemens has announced that it has joined the Energy Web Foundation (EWF), a non-profit organization that aims to accelerate the commercial deployment of blockchain technology in the energy sector.

The EWF is a leading blockchain-focused alliance with a growing number of corporate affiliates, technology partners and strategic investors including Centrica, TEPCO, Shell, E.ON, LO3 Energy, Swisspower, and many others.

Siemens' Divisions Energy Management and Power Generation Services has joined the alliance in order to “proactively shape the future of blockchain-based, transactive energy applications, new prosumer-centric use cases as well as business models around operation of distributed energy systems, microgrids and financing.”

“Block-chain-based applications and business models could help increase the overall efficiency of future energy networks and enable new forms of asset and project financing,” Siemens said.

Siemens is already involved in the blockchain space. Last year, it invested in a blockchain energy startup LO3 Energy and is collaborating with the firm in the areas of innovative microgrids and peer-to-peer energy trading platforms. The companies are currently implementing their first project in Brooklyn.

In addition, the European industrial manufacturing giant recently announced its plans to build €600 million technology and innovation hub in Berlin which will focus on advanced technologies including machine learning, Internet of Things (IoT), artificial intelligence, data analytics, blockchain, and additive manufacturing, among others.

Last month, GE Power announced that it has joined a study to look into the potential of blockchain technology in energy industry application. More recently, South Korea’s largest electric utility KEPCO announced that it has started a project that aims to build a future microgrid using blockchain technology.