US Department of Energy Puts $4.8 Million In Federal Funding To Universities For Blockchain Research
$4.8 Million Allotted In Federal Funding To Universities For Blockchain Research And Related Projects
Blockchain technology is growing fast as multiple countries and industries learn how to apply it. Universities in the United States have begun to feature programs for studies to learn more, but they need progression in the space too. As such, the U.S. Department of Energy has decided to support R&D projects led by universities, with a particular interest in blockchain, with up to $4.8 million in federal funding.
The department announced this decision on Monday, when they said that the Office of Fossil Energy will be making the funding available. This comes as a part of an initiative called “University Training and Research,” which will be working on improving applications for fossil energy. The projects run under this initiative will focus on multiple goals, like the development of early-stage technologies for better energy resources and improvements in the electrical grids.
Blockchain technology is of special interest to the initiative because it would “secure process signal data and other information flows within distributed sensor networks for fossil-based power generation systems.”
However, there would be other projects that do not directly include blockchain. Some of those research projects would include the improvement of processes to reuse water, the biological science behind coal fly ash, and the measurement of chemical elements involving coal plants.
The reason that the Department of Energy is looking to fund these types of projects seems to be due to their ability to reduce the costs and the risks associated with fossil fuel energy technologies. By taking the time to learn more, the department makes it possible to develop better sustainability around the use of these kinds of resources within the United States.
Last year in January, the department took on blockchain research projects as a way to improve technology with BlockCypher. The partnership sought to create solutions for transactions involving energy, which would settle on multiple blockchains.
Only six months ago, the department invested $1 million towards a grant for Grid7, a blockchain startup in Colorado. Their grant was primarily awarded in an effort to create a decentralized energy grid.