Tuesday, June 25, 2019

Bosch and Wien Energie to Implement Blockchain-based Refrigerator

In a bid to foster consumers’ interest in the electricity sector, Bosch, an Electronics giant, and Wien Energie, an Austrian power supplier are piloting a blockchain-based refrigerator. The fridge is paired with a mobile app which will allow consumers to monitor and control how much electricity it use, according to Bosch’s press release on April 4.

Blockchain Refrigerator to be Launched for Consumers

Per the report, Bosch and Wien Energie want to enable the use of a blockchain refrigerator to monitor and control the consumption of electricity in the near future. The project is aimed at making households active participants in the electricity industry while also increasing consumers’ level of interest in consumption and power generation.

According to Bosch, the blockchain refrigerator will be paired with an application for smartphones or tablets. The app will provide an interface for users to monitor and control how much power their fridge consumes. Specifically, they will be able to control the machine’s temperature in a manner which is safe and transparent.

Mobile Smart App to Notify When Fridge is Left Open

In addition, the mobile smart app will send notifications if the door of the refrigerator has been left open. The app will also allow customers to determine the energy source they want to use to power the machine. That being the case, the origin of the energy source such as a photovoltaic system of the neighboring building or wind farm can be traced.

More light about the proposed concept reveals that cryptocurrency chips have already been programmed to that effect and the project will be launched in the next few months. The blockchain refrigerator is also being presented at the ANON Blockchain Summit in Vienna.

Three Companies to Pilot Machine in the Next Few Months

Furthermore, three companies will be able to pilot the machine alongside Bosch and Wien Energie in the next few months. The first batch of users, on the other hand, will be 100 residents who will help Bosch and Wien to examine its functionality. They will be able to ascertain “how new electricity tariff models will work on the customer side using blockchain technology and based on smart meters.”

Peter Gönitzer, Wien Energie’s CEO said:

We see the blockchain technology as an opportunity for us and are already testing the possibilities in practice with pilot customers. The goal is to make the topic of energy more vulnerable and comprehensible in the future. So far, the power is simply coming out of the socket, while the Blockchain can give the power a machine.

The Blockchain is gaining use cases in several industries across the world. Some of these are the finance, health, educational, energy, and telecommunications industry. BTCNN on April 5 informed that Gazprom, a state-owned energy company in Russia intends to use blockchain to manage its business contracts.

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