Department of Energy Dedicates $1.05 Million for Creating a Blockchain Energy Management Platform

At the start of the year (January to be exact), the DOE announced to the world that it was setting aside a total of $4.8 million to fund research related to a number of different technologies such as blockchain.

  • The DOE has shown a keen interest in making use of novel technological solutions related to A.I. and blockchain in the past.
  • For example, back in April, the government body announced that it was entering into an agreement with a Colorado-based security firm Taekion’ in order to deploy a blockchain-based security module for one of its power-plant facilities

As per an all new press release issued by energy provider ComED a couple of days back, the United States Department of Energy (DOE) has just released a number of grants (estimated to be worth $1.05 million) for organizations working to create a blockchain-based energy transaction platform.

ComEd is one of the 4 firms to have been given monetary support by the DOE. The others include the University of Denver, Virginia Tech and BEM Controls.

It is rumored that the new platform will be devised using BEM Controls’ existing research data that is related to energy efficiency and utilization.

According to a representative for BEM Controls, the reason for building such a platform is to enhance tx security as well as make accounting easier for large-scale energy providers.

With this latest initiative, the DOE is looking to promote blockchain-based energy marketplaces across America. It is expected that a beta version of the platform will go live by the end of 2022.

Talking about the role blockchain technology can possibly play within the energy sector, Amin Khodaei from the University of Denver, was recently quoted as saying that owing to the proliferation of distributed energy resources, it is imperative that we now start to move towards management systems that support peer-to-peer communications (while being fast, scalable and secure). He then went on to add:

“Now is the time to develop and demonstrate the technologies that can make a more sustainable and resilient future possible.”

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Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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