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

  • 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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