US DOE Sets Aside $1.05mil to Blockchain Powered Energy Management Platform

The US Department of Energy (DOE) has given a grant of $1.05 million to institutions dedicated to turn blockchain based energy trading platform into a profitable business. The news was revealed by ComEd, one of the four institutions that received funding from the government.

In addition to the energy firm ComEd, government grant was given to Virginia Tech, University of Denver and BEM Controls, an enterprise specialized in energy management software.

The latest venture is a part of BEM Controls’ prevailing DOE financed job on software to improve energy efficiency in buildings. The reward is to widen and support a new blockchain powered energy marketplace, with ComEd to utilize its Grid of the Future Lab to illustrate the facilities offered by the new system.

The latest initiative is anticipated to be in development for the next three years. As per Dr. Amin Khodaei, Chairman of the Electrical and Computer Engineering Department at University of Denver:

“The growing proliferation of distributed energy resources calls for advanced management frameworks that support peer-to-peer communications while being fast, scalable and secure […] Now is the time to develop and demonstrate the technologies that can make a more sustainable and resilient future possible.”

BEM Controls highlighted security of a broad range of deals as a main reason for enforcing blockchain in their platforms.

The DOE has indicated growing interest in utilizing blockchain in apps related to energy grid. Back in January, the department set aside $4.80 million in financing for tech study including blockchain for goals such as securing information from fossil power generation sensors. Back in April, the DOE unveiled collaboration with Colorado-based security firm Taekion to install blockchain in power-plant security.