Germany’s Siemens Invests $681 Million into Blockchain Study and Development Center

2018-11-3 18:56

Siemens To Invest $681 Million USD In Blockchain Study Center

AG Siemens, the largest industrial manufacturing company in Europe, has recently announced a huge investment of $681 million USD in a center that will be used for the study and the development of the blockchain technology, artificial intelligence (AI) and other high-end technologies.

The original story, reported by Reuters, affirms that Siemens is planning to use a 70 hectares site in an industrial zone in the suburbs of Spandau, Berlin, for the SiemensStadt (Siemens City, in English).

Siemens City will be a study center for technology that will eventually be metamorphosed into a science park that will link the history of the company to the area where the company found its roots in the 19th century with its first factories.

This project will be a huge long-term process and its completion is estimated for 2030 only, as it will take over a decade. However, some of the initial buildings, which will be built first, will be important, the company affirms, for linking businesses, innovation and science.

Another focus of the place will be in the development of the blockchain, as we have stated because the company sees this technology as something that can be very important for the future of Siemens. The place will be used for data analysis, the development of electric vehicles and power distribution systems, too, as well as energy management.

Employment For All

This is a curious time for Siemens to announce the project. The company has recently laid off 2,900 staff due to restructuring, which might indicate a sort of a crisis. However, the official announcement from the company is that thousands of employees will be hired to build the new project and then to work there later.

Michael Muller, the mayor of Berlin, has suggested that the construction of something so huge could basically boost the status of the city into a scientific advisory center.

Germany has seen a very productive year for its fintech company as the Deutsche Bundesbank has successfully completed two blockchain trials recently in a partnership with the Frankfurt Stock Exchange.

Also, the Boerse Stuttgart Stock, the largest stock exchange in the country, has started to offer crypto trading for its clients at the beginning of the year, which means that the country is definitely shifting its focus to the blockchain technology as nobody wants to be left out of the blockchain revolution.

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