Austria’s largest regional energy company, Wien Energie, announced to join the industry partners and counterparts to participate in a “blockchain energy trading” pilot. The company will use Interbit platform, a multi-chain remittance distributed-ledger technology based platform provided by Canadian blockchain firm BTL. The new technology could improve both cost and time efficiency in the process of energy trading, by enabling faster and significantly cheaper transfers of funds and assets. With the use of blockchain technology, Wien Energie is expecting a significant cut in energy trading costs. The company’s executive, Peter Gönitzer, also expected that the new technology “could bring rise to entirely new business models”.
Though, the viability of commercial use and strategies of blockchain-based energy trading need further trail and experimental discuss, Wien Energie is confident with the future of blockchain-based energy trading, as one of its peer, Electron (UK), already demonstrated “significantly faster energy transfers (20x) with notably lowered costs by simulating data from 53 million metering points from 60 energy providers” using its self-developed blockchain platform. Blockchain technology in energy industry will not only bring more opportunities for energy trading, also take us to a far-reaching new age for non-financial related industries. Energy companies should see and take advantage of this opportunity as quickly as possible, hence, to create entry barriers for other competitors in the industry.
Source: https://www.cryptocoinsnews.com/austrias-biggest-utility-company-to-test-blockchain-energy-trading/