US Department of Energy Allocates $ 1.05 Million to Develop Blockchain Platform

The US Department of Energy has allocated a grant of $ 1.05 million to organizations working on the commercialization of the blockchain platform for energy distribution management.

This was stated
energy company ComEd, one of four grant recipient organizations. Funds also came from the University of Denver, Virginia Tech and BEM Controls, a company specializing in energy software.

The new project is a continuation of the existing work of BEM Controls, funded by the US Department of Energy, on building energy efficiency software. This latest grant is designed to expand and promote the new blockchain-based energy market. At the same time, ComEd uses its Grid of the Future laboratory to demonstrate the functionality of the new system.

A new initiative is expected to be in development for another three years. Dr. Amin Khodaei, head of the Department of Electrical and Computer Engineering at the University of Denver, noted:

“The growing proliferation of distributed energy resources requires improved management structures that support P2P communications while being fast, scalable, and secure. […]. Now is the time to develop and demonstrate technologies that can make the future of this industry as efficient as possible. ”

The U.S. Department of Energy has long been interested in blockchain. In April, it was reported that the Ministry of Energy will apply
blockchain in power plants to combat cyber attacks. Last year, the agency partnered with BlockCypher to develop solutions that allow energy transactions across multiple blockchains. In addition, in January, the Ministry also announced federal funding of $ 4.8 million for university research in new technologies, including blockchain technology.