Cryptowerk to develop Blockchain-Powered Solutions for the Energy Market
Cryptowerk (https://cryptowerk.com/), the leader in Blockchain-enabled digital trust solutions for the enterprise, is one of the first Innovation Hub investments in 2018. With this strategic investment we aim to develop new Blockchain-powered applications for the distributed energy market.
“We are proud to partner with innogy to bring the benefits of Blockchain’s distributed ledger technology to the energy industry. innogy is a proven international leader in renewable energy innovation. By combining Cryptowerk’s enterprise Digital Trust solutions with innogy’s energy leadership, we will create powerful applications that meet the demands of the new, distributed energy economy. We could not ask for a better strategic partner in the energy industry than innogy. We at Cryptowerk are excited to see what the future of this partnership holds.”
Dirk Kanngiesser, CEO of Cryptowerk
The utility industry is facing growing and increasingly distributed demand from both energy producers and consumers, along with new regulatory requirements. The changes, from renewable energy resources to peer-to-peer transactions and “prosumers” – consumers who both buy and sell energy – are transforming the traditional centralized utility grid into a highly distributed “Internet of Energy. At the innogy Innovation Hub, we believe that Blockchain and other distributed ledger technologies, with their ability to verify the authenticity of transactions without a central authority, will be key enablers of this new, distributed energy economy. When we began researching Blockchain-focused solution providers, Cryptowerk emerged as the clear leader.
“Cryptowerk is the only company we found that provides an enterprise-grade Blockchain solution that is interoperable, portable and highly scalable. That combination makes Cryptowerk the most practical solution for today’s demanding energy applications, as well as a future-proof solution as Blockchain and other distributed ledger technologies continue to evolve.”
Florian Kolb, Managing Director at innogy New Ventures LLC, Palo Alto
The digital trust engine
Cryptowerk’s Digital Trust Engine is an SAP Certified software solution that makes it easy to integrate existing enterprise applications with any public or private Blockchain, as well as other digital ledger technologies. The Cryptowerk API requires no system downtime, and no Blockchain expertise to program the integrations, saving companies significant time and cost in developing Blockchain-enabled applications.
Potential applications of Blockchain for the utility industry
- Blockchain-based authentication of billing and payment for energy purchases, i.e., for electric car charging stations;
- The ability to store and verify customer usage data in a Blockchain (SMART meter or customer submission);
- Collect payments on the Blockchain without incurring fees associated with bank transfers;
- The ability to store data from energy producing assets, such as wind and solar farms, to the blockchain.
“Our investment in Cryptowerk is undoubtedly a very important building block for the machine economy in the area of security, as the solution provides a very cost-effective and fast verification engine for the Internet of Things, in which millions of data stream transactions must be verified and recorded in an audit-proof manner.”
Kerstin Eichmann, Lead ‘Machine Economy’, innogy Innovation Hub
Cryptowerk™ is leading the development of digital trust solutions for high-performance business applications. Cryptowerk’s SAP Certified Digital Trust Engine makes it easy to integrate enterprise applications with any Blockchain or other digital ledger technology, speeding time to production while the reducing the costs of digital transformation initiatives. Led by experts in cryptography and enterprise software, Cryptowerk is being proven today in demanding, high-performance organizations in multiple industries. For more information visit www.cryptowerk.com