According to CoinDesk, U.S. Department of Energy (DOE) is funding a grant to TFA Labs in a project to secure the national power grid using a blockchain network from Factom.
In an announcement released on Thursday, TFA labs will use Factom’s platform to authenticate that the national power grid is free from any malware infection.
According to the deal TFA Labs will store raw data including the status of the devices within the Factom blockchain. With time, TFA will have a digital identity assigned to the firmware or install permanent software on all the devices in the national power grid.
TFA Labs CEO, explained the technicalities involved:
“We can store raw data or data hashes of the data, it’s ideal for IoT device use.”
As per the statement released, the first phase will kickoff immediately and will run until March 2020 when the firm will come up with a prototype. If TFA Labs runs the phase one in the right way, it will then cooperate with device producers and DOE will increase the funding to about $1 million.
At the moment Factom is also in agreement with the US Homeland Security Department (DHS) in a project to record and store camera as well as sensor data on its blockchain platform in partnership with the Bill and Melinda Gates Foundation in order to establish if the technology can be used in digitizing people residing in remote areas of the globe.
According to Bunfield other firms can also develop on the firm’s platform using common coding languages.
Factom has been in existence since 2014 and was able to raise $1.1 million after a successful token offering in 2015 giving investors factoids as tokens.