GE Power Says Russian Nuclear Power Companies Showed Interest In Using Blockchain

Russian nuclear power companies are interested in digitization and the use of blockchain technologies in energy production and distribution, the chief innovation officer for global digital energy solutions at GE Power, a global power generation leader, told Sputnik on Wednesday.

BONN (UrduPoint News / Sputnik - 05th September, 2018) Russian nuclear power companies are interested in digitization and the use of blockchain technologies in energy production and distribution, the chief innovation officer for global digital energy solutions at GE Power, a global power generation leader, told Sputnik on Wednesday.

"We [GE] have an interest in Russia. When I was talking with the power sector, for example, with nuclear companies and so on, they showed an interest in blockchain. Last week in Paris, I kicked off a group focusing on digitization where blockchain was included, and I had about 50 companies who joined, including Russian players, [Russian nuclear corporation] Rosatom and all its subsidiaries. I talked to officials from Rosatom, and they have high interest in these technologies including blockchain, cybersecurity and so on," Maher Chebbo said on the sidelines of Innovation Week in Bonn organized by International Renewable Energy Agency (IRENA).

Blockchain can be particularly useful in the production of renewable energy, Chebbo, who is also chairman of Renewable Energy and Energy Efficiency Partnership (REEEP) international organization, pointed out.

"It helps in making peer-to-peer transactions fast. Blockchain helps also tracing these transactions and giving some visibility and also making the costs of these transactions cheaper ... Blockchain here can play a role in improving the operations and maintenance costs. We will continue engagement with these companies who joined this group 'The Digital Energy Executives Exchange Hub,'" Chebbo explained.

Chebbo noted that in the future, when renewable energy accounts for half of global production, it would be impossible to manage and supervise distribution and prevent accidents without the use of modern digital technologies.