Blockchain Network IOTA Partners With Denmark’s Energinet To Drive IoT Integration In Energy Ecosystembr>
Energinet, the Danish national transmission system operator for electricity and natural gas, has partnered with the IOTA Foundation to test distributed ledger technology (DLT) in the Internet of Things (IoT) and energy market domains.
Energinet, an independent public enterprise owned by the Danish state under the Ministry of Climate and Energy, ensures efficient operation and development of the national electricity and gas infrastructure as well as ensuring equal access for all users of the infrastructure. It also plays a role in developing a carbon dioxide free energy system in Denmark.
The IOTA Foundation is the creator of cryptocurrency IOTA and IOTA Tangle, an open-source distributed ledger focused on providing secure communications and payments between machines on the IoT. Using directed acyclic graph (DAG) technology instead of the traditional blockchain, IOTA’s transactions are free, regardless of the size of the transaction. The system claims to handle an unlimited number of transactions simultaneously.
The two companies have been working together on a Data Marketplace initiative since November 2017. Energinet has been exploring concepts of digital trust and DLTs, and has now signed a Memorandum of Understanding (MOU) with the IOTA Foundation to explore the IOTA Tangle.
The two parties will explore and test the possible use of IOTA in creating new products and services in the energy system centered on using IoT devices to accelerate the green energy transition, including managing heat pumps and electric vehicles towards using energy when there is an abundance of green energy in the grid. The collaboration will include services applicable to energy and adjacent areas such as smart cities, smart buildings and mobility, which will be done through joint proofs of concepts (PoC) and participation in collaborative IOTA initiatives.
“As part of our journey to a digitized, green energy system, 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,” André Bryde Alnor, Market Developer in Energinet.
Wilfried Pimenta de Miranda, Business Development Director at the IOTA Foundation, said that the foundation develops a cost efficient and scalable protocol that can enable Energinet’s ambition regarding developments across identity management, data access delegation, digital twins and data marketplaces.
“To make this happen, IOTA is eager to catalyze Energinet’s effort in research and experimentation within both tech and behavioral design,” de Miranda said. “We look very much forward to shaping together an open and collaborative ecosystem.”