IOTA, an internet-of-things system based on distributed ledger technology (DLT), has announced a partnership with Danish state-owned energy company Energinet, with the hopes of exploring Tangle — the native technology of IOTA — towards an efficient electricity supply chain.
“Energinet has been exploring concepts of digital trust and distributed ledger technologies (DLT),” the blog post reads. This is in tune with the aim of providing a more efficient green energy system with the company as a core entity between energy producers and consumers. As André Bryde Alnor, Market Developer in Energinet, puts it: “We know that we have to bridge the gap between the fast developments in IoT technology, being implemented on both household and industry level, and the centralized systems of the European energy system.”
IOTA is technically not a blockchain but an open source distributed ledger — terms often misconstrued. It combines the concept of blockchain and internet of things (IoT) to form its own technology, the Tangle.
This isn’t the first time both companies would be working together. In November 2017, when IOTA was running a Data Marketplace initiative, Energinet was a participant along with several industrial and IT companies. Now that Energinet has finished testing distributed identities, it wants to move on to applications of IoT in electricity markets through the Tangle technology.
DLT, the term to address all blockchain and non-blockchain systems using distributed consensus algorithms models, continues at a steady pace along with other emerging technologies to restructure the energy markets.
Recently, Japanese Tech giant Fujitsu announced its successful trial of a blockchain-based system for improving energy trading throughputs between consumers and producers.
Many blockchain-based startup companies are currently racing to provide energy efficient solutions that involve transparency, security and smart administration. While some of them may be fortunate to onboard traditional firms to support their vision, sadly adoption may still be a while off. Perhaps, one of the advantages established businesses have over startups in exploring DLT is the robust resources that enhance their research and development, as well as their track records and credibility in other fields of endeavors.
However, it is expected that as the blockchain ecosystem matures, more partnerships will ensue between traditional businesses and startups when they develop proof of concepts that are practical and relevant to today’s economy.
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