US Department Of Energy Grants $200k To TFA Labs To Secure Power Grid Using Factom's Blockchain

    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.

    The grant is worth about $200,000 and according to U.S. Department of Energy (DOE) the project will enhance the national grid’s security and ensure that it can deal with any malware attack.

    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.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Joseph Kibe
    Joseph Kibe
    Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

    [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


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Shopify Joins Facebook-led Libra Association To Help Build Stablecoin Payment Network

    E-commerce platform Shopify has announced that it has joined the Libra Association. This means that the online shopping firm is the latest entrant of...

    Tron Launches A New TIP While BTFS Prepares to Deliver Next-Gen Decentralized Storage

    Sprinkle of good news: TPS to add new features to TVM, number of accounts on Tron Network exceed 4.7 million, partnership with Steemit,...

    IOTA Urges Users To Use New Seed Migration Tool After Trinity Wallet Hack

    Following IOTA’s recent hack on its Trinity Wallet, the development team is urging the users to protect their wallets by changing their passwords and...

    Gold Hits 7-Year High As Investors Jump into Safe Haven Assets But Bitcoin Not Following

    Coronavirus outbreak has the investors fearing a slowdown in global growth and piling into safe-haven assets like gold US dollar also rising while...

    Russia’s Central Bank And FSB Agree to Ban Cryptocurrency Payment Options

    A Russian local news source, recently reported that the country’s Central Bank and Federal Security Service (FSB) finally came to an agreement that cryptocurrencies...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.