IOTA (MIOTA) to Provide Blockchain Solutions to Denmark’s Energinet
Danish grid operator Energinet will test DLT as part of its plan to implement green solutions and lower pollution levels.
The IOTA Foundation, the body behind cryptocurrency MIOTA, has signed a memorandum of understanding (MoU) to provide Denmark’s national energy operator Energinet with blockchain solutions. Confirming the news on Wednesday, the state-owned entity explained that distributed ledger technology (DLT) would be tested in its green program in a bid to lower environmental pollution.
The Danish company, which is the national transmission system operator for electricity and natural gas, wants to analyze how IOTA’s blockchain can help the process of integrating its systems with Internet of Thing (IoT)-powered devices. Energinet plans to develop new services and products that utilize IoT, and MIOTA would provide DLT solutions to connect the devices with the company’s electricity markets. The cooperation targets Energinet’s green program, which includes smart cities, smart building, and mobility.
For example, IoT-based devices should boost the green transition in Denmark by managing heat pumps in periods of higher electricity consumption. In this case, IOTA Tangle, the open-source microtransaction system of MIOTA’s blockchain, should ensure the data integrity of the connected systems.
“As part of our journey to a digitized, green energy system, we know that we have to bridge the gap between the fast developments in IoT technology, being implemented on both household and industry level, and the centralized systems of the European energy system,” Energinet market developer André Bryde Alnor said.
The MoU is the second deal between the IOTA Foundation and Energinet. In 2017, the state-owned company, which functions as an independent entity within the Ministry of Climate and Energy, tested IOTA’s blockchain technology in managing the identification process.
About 24 hours after the new deal was signed, IOTA was up 2.89% on a daily basis and changed hands at $0.26 as of 09:41 UTC on Thursday. The asset ranks at number 14 on the cryptocurrency market capitalization list with $731.5 million in value, according to Coinmarketcap data.