Austria’s biggest energy supplier is testing a variety of blockchain use cases in product trading, which would then be integrated into their services.

The blockchain is an incessantly rising distributed database of records, which stock transaction or additional data, making use of cryptography to link and save the info in the records (blocks). This procedure of recording dealings does not need an intermediate, and the data cannot be changed or modified. These benefits appeal to the energy business, which has to deal with compound transactions among big plus small producers plus consumers.

Wien Energie by now supplies 2 million trade as well as 235, 000 commercial clienteles.

Chief Invention Officer Astrid Schober commented that “We are testing blockchain-founded services in Vienna’s Viertel Zwei and once we have gathered sufficient experience there, we would grow business models as well as bring them to the marketplace.” She further added, “It may be over-optimistic however services might become accessible this year as we are trying to be active plus build the know-how in our firm fast.”

Those services might comprise of electric car stations connected through the technology, as well as those about the land registry and power supply amongst others.

Wien Energie has verified blockchain technology beforehand in its commodity trading processes, and Schober added that the firm does not want to be left behind while it derives from technology. Schober said,“If the technology means there are no additional intermediaries any longer, it converts an issue for us, so we are dynamically looking into additional trade models.”

Wien Energie is moreover part of Enerchain; a group included out of 35 European functions which are partaking in tests to produce an exchange platform for electricity plus gas, where B2B trading will ultimately take place.

The energy business has shown a growing interest in the blockchain, and its use cases, plus more and more principal figures of the companies are investing in the incorporation of this technology.

Wien Energie has beforehand tried blockchain technology in its product trading operations, plus Schober specified that the corporation does not want to be left behind in the technology’s awaken. Consequently, in late January, for instance, the U.S. Division of Energy declared a partnership through blockchain startup Block Cypher to discover peer to peer energy exchange. Similarly, Shell, BP plus others decided to back a blockchain trading stage last year. Both blockchain technology and cryptocurrency influence technology as we have never seen before!