Electrical Engineering Firm ABB Opens Blockchain to Make Solar Energy Management More Efficient

  • Internationally recognized electrical engineering firm ABB has created a blockchain platform that will help in the seamless distribution of energy using a P2P model.
  • To fulfill its vision, ABB has partnered up with an Italian energy aggregator called ‘Evolvere’.

ABB — a well-known engineering firm — has reportedly released an all-new pilot blockchain system that looks to promote the use of solar energy via a P2P distribution model.

In regards to the matter, it is being said that ABB will be partnering with Italian energy aggregator ‘Evolvere’ so as to deploy its latest offering — which is reportedly called ‘Prosume’.

As per a spokesperson for the firm, the pilot program will help in the facilitation of p2p energy transactions in a completely transparent and secure fashion.

More On The Matter

According to the folks over at ABB, their latest blockchain venture seeks to help in the widespread adoption of “blockchain-ready inverters” so that the masses can help decrease their capital and operational expenditure costs.

Not only that, in regards to the matter, ABB’s Giampiero Frisio, was recently quoted as saying:

“The Evolvere project has allowed us to develop viable and proven solutions for the market in anticipation of new dynamics and regulatory frameworks coming in to place for blockchain technology.”

It should also be pointed out that the ABB Group has previously been involved with a number of renewable energy projects (over the past couple of years). Additionally, we can see that the firm currently has its operations in places like Europe, North and South America, Asia etc.

Lastly, from a financial standpoint, we can see that last year ABB was able to rope an operating revenue of around $29 billion.

Other Details Worth Pointing Out

  • Blockchain technology has been gaining a lot of mainstream traction over the past 3-4 years — with big-name players such as Data Gumbo Corp being able to raise a lot of money for their blockchain-based projects with relative ease.
  • It is being rumored that Data Gumbo’s blockchain-as-a-service platform will help increase the efficiency of “oil and gas supply chains” by allowing for automated payments to take place in a hassle-free manner.

Final Take

In closing out this piece, it should be pointed out that over the past 12-24 months, a number of established companies have been trying to create novel blockchain-driven offerings so as to increase consumer interest in the sustainable consumption of energy (all over the planet).

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Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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