Why a German Power Company is Using Ethereum to Test Blockchain Car Charging
Amidst an evolution in the German utility industry, one power company is looking to blockchain technology as a means to cut costs and improve its customer experience. Five years ago, Germany’s government announced its intention to phase out the country's nuclear power plants, a move that came in the wake of the still-unresolved nuclear disaster in Fukushima, Japan. Celebrated by green power advocates and blasted by utility firms, the move has since resulted in a shift in how Germany produces its power, and a need for those utilities to innovate or risk facing a changing marketplace. RWE, a....
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A bi-directional charging scenario allows vehicle owners to sell excess power back to office buildings at a profit. A three-year pilot scheme for an innovative blockchain-based electric vehicle, or EV, charging platform has received $1 million in funding from Natural Resources Canada, a department of the country's government.The scheme promises to reduce the cost of EV charging transactions and enhance power grid efficiency, according to an article on the independent Electric Autonomy Canada platform.The pilot will take place at two multi-tenanted office buildings in downtown Toronto, and....
Swiss banking giant UBS bank has partnered with German energy company Innogy and automobile manufacturing company ZF to provide a blockchain-backed Car eWallet that enables charging of electric cars. Due to be showcased at CES in Las Vegas, the Car eWallet can also be used for other payment related services such as parking fees, car sharing or road tolls by paying on-the-go, reports the International Business Times. In a UBS statement, it said: With the Internet of Things we will see in the future more and more devices enabled to autonomously pay for services. For UBS it is important to....
The market for Blockchain applications in energy sector is many times larger than it is for financial sector. There’s a new world of energy, and it’s distributed. Recently, a market selling crude oil for Bitcoin has emerged. Also, the rise of solar and wind power inputs from multiple, decentralized sources is breaking the big utilities’ monopoly on energy supply and distribution. According to Lawrence Orsini, founder of Ethereum dapp developer and energy consultancy LO3 Energy, various utilities have approached his company for advice not just on handling the growing volume of renewable....
A blockchain wallet for every car? It's no secret cars have become more connected, but a new concept from a trio of big-name institutions is taking today's futuristic ideas further with a new blockchain prototype that envisions how transportation could be driven by automated payments. That's the vision behind a new blockchain project called Car eWallet, developed jointly by German auto parts maker ZF Friedrichshafen, the innogy Innovation Hub (a spin-off of german utility giant RWE) and Swiss Bank UBS. Car eWallet, announced earlier this month, is envisioned as an elaborate network for....
Deutsche Bank believes that blockchain technology will become more widespread over the course of the next ten years. The comments come after the German banking giant carried out a blockchain-based experiment that focused on programmable bonds. While declining to disclose the two providers that worked with the bank during the experiment, Deutsche Bank told CoinDesk in an email: "The test [a proof-of-value] is successfully completed. The corporate bond was ideal to test blockchain on the lifecycle of an asset (issuance, coupon payments, redemption), hence why we chose it; at this stage, we....