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Siemens To Build Blockchain Study Center

08:59 01/11/2018

The German corporation Siemens decided to invest about €600 million ($681 million) in the creation of a center for the study and development of blockchain, artificial intelligence, and other innovative technologies, Reuters reports.


The funds will be used to establish Siemensstadt (Siemens city) in the capital of Germany, where the company was founded in the XIX century and where its first factories were built.


The territory for the future center in the amount of 70 hectares will be allocated in the Berlin administrative district of Spandau. Thus, a large industrial zone should become a modern urban area, where the development of innovative technologies and cooperation between science and business will take place. By the end of 2030, the territory should become a technology park and a base for startups.


Research in the field of blockchain, artificial intelligence, data analysis, the development of electric vehicles, distributed power systems, and energy management will be conducted in the industrial zone.


According to preliminary estimates, Siemens intends to open hundreds of vacancies in Siemensstadt. Michael Müller, the mayor of Berlin, welcomed the creation of new jobs and stated that “the city’s status as a scientific center would be boosted by the investment”.


At the same time, in September, the company reported a reduction of about 2900 jobs in Germany under the restructuring plan and in order to save €500 million.


As previously reported, the Chinese authorities in the Free Trade Zone on Hainan Island have created the Blockchain Testing Zone.

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