Ten energy sector companies have set up a ‘not for profit’ foundation, Energy Web Foundation, to extend the use of blockchain technologies in the energy sector.

The companies – Centrica, Elia, Engie, Sempra, Shell, SP Group, Statoil, Stedin, Tokyo Electric Power, and TWL – have been brought together by the US’s Rocky Mountain Institute and blockchain developers Grid Singularity.

The group said blockchain technology can “reduce transaction costs in the energy sector, enable active participation of a larger number of market participants (consumers and devices) and, as a consequence, accelerate the transition towards a cleaner, more resilient, and more cost effective system.”

The new foundation aims to identify and assess promising energy-use cases for blockchain and launch an energy-focused platform to provide the necessary functionalities at scale.

It said it wants to “develop a market standard that ensures interoperability, reduces costs and complexity, aligns currently dispersed blockchain initiatives, and facilitates technology deployment.”

Related content:

Off the starting blocks: How blockchains are becoming a reality in the electricity sector

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