US Dept. of Energy Sets Aside $4.8mln For Research, Including Blockchain
Blockchain technology is continuing to draw the attention of several large companies and government agencies. As the world moves nearer to the beginning of another industrial age, it is essential that emerging technologies such as blockchain are empirically verified and fully understood, as they are at the heart of the revolution.
One of the major reasons blockchain is accepted is that it applies to almost all businesses. The blockchain is a library which stores information of all industries.
The distributed ledger technology is therefore generally applicable almost everywhere. However, some industries will actually benefit more than others from the implementation of blockchain technology. One of these sectors is energy.
That is why the US Department of Energy has clearly decided to finance serious research into this technology. On Monday the DOE unveiled that it is granting $4.8 million to finance technology research, including blockchain technology.
The fossil energy office in the DOE announced the decision. The ventures that stand to benefit from the funding include research into innovative technologies such as decentralized technology, peer-to-peer protocols and blockchain technology to secure data to fossil energy generation detectors.
The systems to be created will safely process data from detectors and other information flows in the networks for fossil fuel-reliant power generation systems. The Energy Department stated that at least 12 new projects will be selected which will stand to benefit from the funding and support. This is not the first major move that a government takes in the blockchain domain.
In December 2018, the South Korean Government confirmed plans to invest $3.5 million in the building of a blockchain-powered power plant in Bausan. In order to improve power generation, the plant will bring together the idle capacity of various energy sources.
In the same month, Acciona Energía, a Spanish sustainable energy company that turns out to be one of the world’s biggest operators of renewable energy structures, revealed its readiness to deploy a blockchain electricity generation system.