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A Majority of the German Energy Industry is Interested in Blockchain Tech

Last Updated March 4, 2021 4:52 PM
Rebecca Campbell
Last Updated March 4, 2021 4:52 PM

A new survey has found that the energy sector in Germany may soon be adopting the blockchain technology with many energy companies outlining a road map for the implementation of the technology in the future, according to the German news site, Contra Magazin .

The survey, undertaken by Deutsche Energie-Agentur (German Energy Agency) and ESMT Berlin, looked at the responses from 70 executives serving firms in the energy sector.

The results found that 39 percent indicated that their companies have plans in the future to implement the technology. While another 13 percent stated that they believe that the energy companies they work for already have the technology ready and that they may already be using it.

As blockchain becomes more prevalent today and the things we do with it, it’s not hard to see why more sectors are turning to it. So-much-so, that 60 percent of the survey’s respondents believe that the blockchain will eventually thrive in the industry.

Over the next few years, the energy sector is bound to see the technology plays a vital role in the industry as it is already doing so in others.

Solar Power on the Blockchain

In a bid to harness the power of blockchain, solar companies have already turned to the technology.

Earlier this year, an Australian startup, PowerLedger, proposed that residents trade excess energy amongst residents using a blockchain to record the transactions instead of selling the energy back to the power company.

While Spanish energy company, Endesa, revealed its plans in October to open a blockchain laboratory to boost development of blockchain-based solutions for the energy sector.

Power Companies Accept Bitcoin

It’s not just blockchain that is being used by major companies; the digital currency bitcoin is being accepted by power companies as a payment option.

Electricity providers in Germany and Japan are accepting bitcoin as payments.

Users in Japan can use bitcoin to pay for their utility bills after the Tokyo-based bitcoin exchange and services firm, Coincheck announced that it was providing users with the option to use the digital currency as a form of payment.

Whereas German energy giant, Enercity announced in September that its customers could now use bitcoin as a method of payment for their utility bills.

While many energy companies around the world are turning to bitcoin and its distributed ledger, the blockchain, to improve services to its customers, it remains to be seen whether the German energy sector will fully implement this innovative technology.

However, with the way things are progressing for the technology, it seems likely that it will.

Featured image from Shutterstock.