IOTAs New Partnership Will Digitise Energy Market

The IOTA Foundation has recently joined forces with the public enterprise based in Denmark, Energinet in an effort to bring the energy ecosystem closer to the Internet of Things (IoT).

The two bodies inked an agreement to work together in exploring the use of IOTA Tangle for energy markets and domains of IoT.

Energy

The enterprise provides electricity and gas transmission services which also includes gas distribution and storage. Energinet has been looking into the use of distributed ledger technologies in the past to speed up their transformation into green energy.

The Danish company is now aiming to explore IOTA’s open-source, permissionless DLT, IOTA Tangle.

For those that aren’t familiar with IOTA Tangle, it was built with the future of the Internet of Things in mind by using the power of distributed ledger technology. Energinet has already taken part in IOTA’s Data Marketplace initiative which has been running just over a year from when it started in November 2017.

Energinet also ran tests on distributed identities and it will now be able to look into the potential IoT device implementation in the electricity markets by using Tangle. As the IOTA Foundation wrote:

“Energinet and IOTA 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, e.g., to manage heat pumps and electric vehicles towards using energy when there is an abundance of green energy in the grid.”

The collaboration between IOTA and the Danish firm will also include services adjacent to energy like smart buildings, mobility and smart cities.

Energinet and IOTA will also include services to energy like mobility, smart buildings and cities.

As reported by blokt, “the two will work on joint Proofs of Concepts (PoCs), and the Danish company will participate in collaborative IOTA initiatives. Energinet market developer Andre Bryde Alnor said that they have to bridge the gap between IoT technology and the centralized energy systems in Europe at both the household and industry level.”

Business development director of the IOTA Foundation Wilfried pimenta de Miranda said that they are excited to catalyse the work of the firm and shape an open and collaborative ecosystem together.

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