German Government to Revamp its Energy Sector with Blockchain-Based StrategyBy Sep 19, 2019 2 Min Read
Peter Altmaier, Germany’s Federal Minister of Economics, has asserted that blockchain technology, presents tremendous opportunities in pilot projects. As a result, it will come in handy in revamping the nation’s energy sector through strategies, such as digitalization.
The minister has proclaimed that the German government intends to support various blockchain projects, as well as incorporate innovative cross-technological laboratories in the energy industry. He also notes that blockchain technology will instigate process efficiency and transparency in the country’s energy industry.
“The potential of the still young blockchain technology is high. Germany is one of the world's leading locations. With the blockchain strategy, we want to contribute to maintaining and expanding this lead. One focus is on the energy sector. Here we can score double by using the opportunities of blockchain technology in pilot projects and at the same time driving forward the digitization of the energy transition.”
Blockchain technology is transformative
Blockchain technology has the potential of transforming the energy industry by propelling efficiency in financial flows or power trades.
The German government intends to transform the energy sector by using blockchain in the following:
Stimulating and stabilizing innovations in this industry.
Propelling investment opportunities by making framework conditions reliable and precise.
Digitalization of administrative services in this sector.
Spreading information through collaboration and networking.
Olaf Scholz, Germany’s Federal Finance Minister, also weighs in by stipulating that the nation wants to be the desired technology location in the world.
“We want to be at the forefront and further strengthen Germany as a leading technology location. The blockchain technology can contribute to this. It is a building block for the Internet of the future. At the same time, we must protect consumers and state sovereignty. A core element of state sovereignty is the issuing of a currency, we will not leave it to private companies.”
Notably, the blockchain strategy crafted by the German government is intended at exploiting unique opportunities, as well as the mobilization of its capabilities for digital transformation.
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