The German Corporation Siemens AG will build a complex for the investigation and management of developments in the field of blockchain technology. The opening of the center, located in the industrial area of Siemensstadt in Berlin, scheduled for 2030. The total cost of works on installation and equipment of buildings is estimated at $681 million.

Funds will be used to overhaul the already-built industrial facilities. According to the plan of the Corporation, territory Siemenstadt will be transformed into a “modern, urban area of the future, fostering innovation and cooperation between science and business.” The Technopolis will also be a business incubator for startups. The main activities of resident-companies Siemensstadt will be blockchain-technology and artificial intelligence. In addition, Siemens will provide the area and equipment projects in the areas of power distribution, machine learning, eco-transport and data analysis.

The construction of the new center is for Siemens and Berlin’s symbolic and social value. The Siemensstadt buildings will be carried out in the area where was located the first factory Siemens, founded in the 19th century. The CEO of the Corporation, Joe KAESER (Joe Kaeser), said that the Technopolis would follow his “predecessor”, representing the future of the industry:

“The meaning of the opening of the first Siemensstadt in 1897 was to unite the working, research and living space, thus creating a beneficial symbiosis [and to ensure] a successful future. Today there is also need to rethink the future of the world of work. The work will be integrated with training and living, and thus reinforced the relationship between people and things contribute to the emergence of new ecosystems.”

The mayor of Berlin Michael Muller (Michael Müller) noted that “this investment will reinforce the city’s status as a center of science.” Opening Siemensstadt will also create additional jobs; however, given that the Corporation fired 2900 employees during the restructuring, it is likely that in the end Siemens will be able only to compensate for the outflow of the labour force.

Siemens is one of the few major German companies have openly declared the benefits of blockchain technology. Despite the large number of FINTECH start-UPS are concentrated in Berlin, the overall pace of industry development in Germany is low. Perhaps this will change the legislative initiative of the Parliament: in February, the Coalition German government announced its intention to develop international law in the field of blockchain and cryptocurrency.