IOTA Will Work With Energinet to Bring IoT to the Energy Market
In an effort to bring the energy ecosystem closer to the Internet of Things (IoT), the IOTA Foundation recently joined hands with Energinet, a public enterprise from Denmark.
The two signed an agreement to cooperate in exploring the use of IOTA Tangle for energy markets and IoT domains.
United Experimentations in Energy
Energinet is a Danish public enterprise owned by the Ministry of Energy, Utilities, and Climate.
The enterprise provides electricity and gas transmission services which include gas distribution and storage.
Energinet has been exploring the use of distributed ledger technologies (DLT) in the past to accelerate the green energy transformation.
They are now planning to explore IOTA’s open-source, permissionless DLT, IOTA Tangle.
IOTA Tangle is built specifically for the future of the Internet of Things (IoT) using the power of distributed ledger technology.
Energinet has already participated in IOTA’s Data Marketplace initiative which has been running since November 2017.
Energinet has also ran tests on distributed identities, and it will now explore the potential of IoT device integration in the electricity markets, using Tangle.
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.”
Moving to Digitized, Green Energy
The collaboration between Energinet and IOTA will also include services adjacent to energy like smart buildings, mobility, and smart cities.
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.
IOTA Foundation’s business development director Wilfried Pimenta de Miranda noted that they are eager to catalyze the work of the Danish company and shape an open and collaborative ecosystem together.
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