German government presents blockchain strategy with focus on energy sector
Clean Energy Wire
The German federal government has decided on a blockchain strategy for the country. "One focus is on the energy sector," said economy minister Peter Altmaier. "Here we can score double points by taking advantage of the opportunities offered by blockchain technology in pilot projects and at the same time push ahead with the digitalisation of the energy transition." The government plans to continue to support several blockchain projects and set up a "cross-technology pilot laboratory for the energy sector" together with energy industry actors, society and government agencies. However, due to a possible "significant additional power and resource need" to implement the technology, the positive effects, such as transparency and process efficiency, have to be weighed against negative effects for the climate, says the report.
The energy sector is both enthralled and terrified by blockchain technology, an innovative and potentially revolutionary way to process transactions, such as power trades or financial flows. Some proponents claim it is the death knell for energy providers, while others believe power companies can use this technology to their advantage.