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The latest industry to get a blockchain boost is energy as the US Department of Energy (DOE) just awarded a grant of $1.05 million to organizations working to commercialize a blockchain-based energy transaction platform.
Energy company ComEd announced the news in a press release put out on August 9th. ComEd is one of the four rumored recipients of the grant by the DOE. The others are the University of Denver, Virginia Tech and BEM Controls, a company specializing in energy management software.
Dr. Amin Khodaei, chairman of the Electrical and Computer Engineering Department at University of Denver, stated:
“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.”
The new project will be continuing the work previously done by BEM Controls, which was also funded by the Department of Energy. This work included software implementations to improve energy efficiency in buildings. The new grant aims to forward these ideas and work to promote a new blockchain-based energy marketplace. ComEd will be using its Grid of the Future Lab to showcase the final results.
Terry Donnelly, president and COO at ComEd, said in a statement:
“Energy management technology has the potential to make a very positive impact on the environments in which we live and work […] ComEd’s Grid of the Future lab will play an important role in advancing the science in this field and support our efforts to deliver a premier customer experience.”
The Department of Energy Is Already Involved with Blockchain Technology
This current blockchain project is expected to take three years to complete and demonstrates the DOE’s commitment to utilizing blockchain technology to its full potential.
The Department of Energy has been employing blockchain for a while now. Just a few months ago, the DOE also awarded a funding of $4.8 million to research towards the usage of blockchain technology for different use-cases involving data security. Additionally, the DOE has been working with a blockchain company in order to secure the US electric grid.
There are new use-cases being discovered for blockchain daily. Its unique properties make it ideal for a lot of real-world problems that could not be solved by traditional software solutions. Even if they could, blockchain can introduce a new level of efficiency that simply cannot be ignored. This is the reason why many big corporations are trying to implement the blockchain technology into their operations.