How Blockchain Can Solve Austria's Energy Crisis
In the future, energy communities should contribute more to the energy transition.
Climate change has become one of the greatest global challenges facing humanity. At the same time, dependence on hydrocarbon-based energy sources such as coal, oil and natural gas is still strong.
The supply lines around these energy sources are even more vulnerable to geopolitical tensions. Due to the current sanctions against Russia, experts now expect higher electricity prices and negative effects on the energy market in Europe.
The Austrian government understands the urgency of the energy transition and has set itself the ambitious goal of being climate neutral by 2040. Alternatives to fossil fuels are slow to emerge and, for the most part, are not available. not yet effective enough on a large scale. But there are promising approaches, particularly in the form of decentralized renewables or blockchain technology in peer-to-peer (P2P) energy trading.
There are already pilot projects in Austria dealing with P2P trading in the energy market. At the forefront are blockchain giant Riddle&Code and Austria's largest energy provider, Wien Energie, which founded a joint venture in 2020 called Riddle&Code Energy Solutions.
As of April 1 of this year, Kai Siefert is the new head of the joint venture. He was previously an IT strategist at Wien Energie and worked on the energy tokenization platform MyPower in Vienna. Cointelegraph auf Deutsch sat down with Siefert to ask him how to tackle the energy crisis using blockchain.
From pilot project to solar tokenizationWien Energie and Riddle&Code have been working together for a long time. In 2017, the companies launched the first project called Peer2Peer in Quartier where they tokenized solar photovoltaic systems so consumers could participate in power generation.
Later, at the end of 2018, when Siefert was still Wien Energie's IT strategist, his team developed a blockchain strategy together with Astrid Schober, Wien Energie's IT manager, and focused on the topic of tokenization of energy with security tokens and utility tokens.
This resulted in the MyPower platform. First of all, Wien Energy and Riddle&Code t...
In the future, energy communities should contribute more to the energy transition.
Climate change has become one of the greatest global challenges facing humanity. At the same time, dependence on hydrocarbon-based energy sources such as coal, oil and natural gas is still strong.
The supply lines around these energy sources are even more vulnerable to geopolitical tensions. Due to the current sanctions against Russia, experts now expect higher electricity prices and negative effects on the energy market in Europe.
The Austrian government understands the urgency of the energy transition and has set itself the ambitious goal of being climate neutral by 2040. Alternatives to fossil fuels are slow to emerge and, for the most part, are not available. not yet effective enough on a large scale. But there are promising approaches, particularly in the form of decentralized renewables or blockchain technology in peer-to-peer (P2P) energy trading.
There are already pilot projects in Austria dealing with P2P trading in the energy market. At the forefront are blockchain giant Riddle&Code and Austria's largest energy provider, Wien Energie, which founded a joint venture in 2020 called Riddle&Code Energy Solutions.
As of April 1 of this year, Kai Siefert is the new head of the joint venture. He was previously an IT strategist at Wien Energie and worked on the energy tokenization platform MyPower in Vienna. Cointelegraph auf Deutsch sat down with Siefert to ask him how to tackle the energy crisis using blockchain.
From pilot project to solar tokenizationWien Energie and Riddle&Code have been working together for a long time. In 2017, the companies launched the first project called Peer2Peer in Quartier where they tokenized solar photovoltaic systems so consumers could participate in power generation.
Later, at the end of 2018, when Siefert was still Wien Energie's IT strategist, his team developed a blockchain strategy together with Astrid Schober, Wien Energie's IT manager, and focused on the topic of tokenization of energy with security tokens and utility tokens.
This resulted in the MyPower platform. First of all, Wien Energy and Riddle&Code t...
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