Siemens To Explore Blockchain In Planned €600M Technology Hub In Berlin

Blockchain, Investing, News | November 6, 2018 By:

German conglomerate company Siemens AG has announced that it will invest up to 600 million euros ($681M USD) to create an industrial and technology hub in Berlin.

Siemens is the largest industrial manufacturing company in Europe with branch offices abroad. The company is a prominent maker of medical diagnostics equipment and its medical health-care division, which generates about 12 percent of the company’s total sales, is its second-most profitable unit, after the industrial automation division. It employs approximately 372,000 people worldwide.

The project in the western borough of Berlin, dubbed Siemensstadt (Siemens city), covers an area of 70 hectares. Siemens wants to transform this large industrial area into a modern, urban district of the future for a diverse range of purposes by the end of 2030. Siemens City will focus on innovative technologies such as artificial intelligence (AI), blockchain, data analytics, electric cars, distributed energy systems, and energy management.

“A further goal is to strengthen selected key technologies and innovation fields in collaboration with the scientific and business communities,” said Siemens. “To make this possible, this section of Berlin is to become home to centers of research and expertise, to startup incubators and to research and scientific institutes as well as their partner companies.”

According to Siemens, the project is a long-term, future-oriented commitment to Germany as a business location. The objective is to strengthen the state of Berlin’s position as a home to forward-looking industries and technologies and turn Siemensstadt into one of the company’s most important locations in this respect.

Joe Kaeser, President and CEO of Siemens, said that the idea behind the founding of Siemensstadt in 1897 was to combine space for working, researching and living to cultivate a beneficial symbiosis for a successful future.

“Today, too, we need to rethink the future of work. Megatrends like industrialization and urbanization will usher in fundamental changes,” said Kaeser. “Working, learning and residential living will be more integrated, and increasing connectivity among people and things will create new ecosystems. Siemens is the global market leader and thought leader in automation and industrial digitalization,” Kaeser said. “And this leadership is precisely what Siemensstadt 2.0. is all about. We want to lead the way in shaping Industrie 4.0 in the socioeconomic environment, too. This environment includes a networked ecosystem with flexible working conditions, societal integration and affordable living space.”

Berlin’s Governing Mayor Michael Müller said that this commitment to Berlin will generate momentum for years to come.

“New jobs will be created, the city’s status as a scientific center will be enhanced, and its infrastructure will be further developed,” said Müller. “Berlin is becoming more and more a Smart City and thus sending a clear signal: economic modernity and social responsibility go hand-in-hand and are being conceived, tested and lived here.”