Congressional Research Service (CRS) is Exploring Blockchain’s Role Within the Energy Sector
- The U.S. Department of Energy (DOE) recently awarded four different firms with grants so as to help them devise novel blockchain-based energy transaction systems.
- In all, the aforementioned grants are estimated to be worth around $1.05 M.
According to an all new report released on the 9th of August, the CRS (Congressional Research Service) has been examining, in detail, the advantages and disadvantages that come with exploring blockchain technology — especially in relation to the energy sector.
The report titled “Bitcoin, Blockchain, and the Energy Sector” comes packed with a host of statistical data that seems to suggest that by launching blockchain-based energy distribution systems, US suppliers will be able to make things more transparent, efficient and flexible for their consumers.
With that being said, the study also highlights the potential security threats that come along with using such a distributed ledger system.
CRS researchers have cited a survey conducted by the Electric Power Research Institute (EPRI) in order to show that the current energy infrastructure that exists across the globe is quite lacklustre and cannot handle the integration of digital technologies without a severe overhaul.
As per the survey, 77% of the respondents believe that the energy sector lacks the appropriate framework needed to deploy blockchain solutions.
As things stand, a number of US states as well as European nations are looking to explore blockchain tech within their existing energy supply systems.
In the USA, state and federal bodies have different laws, regulations when it comes to power distribution and supply. As a result of this, coming up with a uniform governance solution can be a daunting task for US authorities.