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Will blockchain boost Germany’s energy economy?

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TL;DR

Germany is looking to blockchain companies to change its energy economy.

The Deutsche Energie-Agentur (DENA), the leading governmental group that controls Germany’s energy innovation, plans to decentralize its energy ecosystem. The Blockchain Machine Identity Ledger (BMIL) is among DENA’s three major projects for Germany’s energy division.

An October 13th blog post reports, “The project will enable energy assets in Germany, such as thermostats, solar PV systems, batteries, and electric vehicle charging stations to undertake automatic registration with a decentralized ledger of identities, allowing their utilization by the German grid for a range of services such as virtual power plants and frequency regulation.”

BMIL intends to instinctively record energy resources on the decentralized ledger of identities.

Germany’s energy innovation group, along with Energy Web and countless crypto companies, intend to digitise the country’s energy framework using a database.

Jesse Morris, CEO of Energy Web, is convinced that this scheme is a fundamental move for global energy. “This is an incredible development not just for Germany but for the global energy sector. Now we have the power sector of the fourth-largest economy in the world taking decisive steps towards a digitalized decentralized future.”

A multi-blockchain architecture

BMIL will reinforce Energy Web’s Decentralized Operating System (EW-DOS), a decentralized software that utilizes AI. Energy Web states that the solution is the first energy scheme to use “a multi-blockchain architecture.”

In February 2020, the Federal Ministry for Economic Affairs and Energy appointed DENA to carry out energy projects according to its blockchain master plan. DENA inaugurated the Future Energy Lab in late August, which allows the governmental group to test energy solutions using blockchain.

The project is currently at the implementation stage. Philipp Richard, one of DENA’S brass, admits that it will be a challenge to get the project moving, but blockchain-based digital identities look promising.

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Martha Gardiner

Martha is a freelance writer who has experience writing about financial topics, health, lifestyle, fashion and beauty. She also has experience in course writing and CV writing. Martha loves to read and is very fond of animals.

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