United States Department Of Energy Gives Out Grant Of $4.8 Million To Fund Technology Research Which Includes Blockchain

Blockchain technology is beginning to get the attention of many large corporations and government agencies. As the world moves closer to be beginning of the next industrial revolution, it is imperative that emerging technologies such as blockchain are studied and understood properly as it will take the center stage in the revolution.

One of the major reasons why blockchain is gaining acceptance is that it is applicable in almost every industry. The blockchain is a ledger that stores data and data is used in every industry. This makes the disrupted ledger technology applicable everywhere. However, there are some industries that will benefit more from implementing blockchain technology than others. One of such industries is the energy industry. This is why the United States Department of Energy has decided to fund a research into this technology.

United States Department of Energy Grants $4.8 Million To Fund Blockchain Research

On Monday, the DOE announced that it is giving out a grant of $4.8 million to fund the research of technologies including blockchain. The office of fossil energy in the DOE made the announcement. The projects that can benefit from the funding are those already conducting research on emerging technologies like decentralized technology, peer-to-peer protocols and blockchain technology for securing data to fossil power generation sensors.

The systems that will be developed will securely process data from sensors and other information flows within the networks for power generation systems that depend on fossil fuel. The department of energy stated that it is going to select at least 12 projects that will benefit from the funding.

Blockchain Technology And The Energy Industry

This isn’t the first major move a government is making in the blockchain space. In December 2018, the south Korean government announced that it was making plans to invest $3.5 million in the development of a blockchain enabled power plant in Bausan. The plant will combine the idle capacities of different energy sources in a bid to optimize power generation.

Also, in that same month, Acciona EnergĂ­a, a Spanish based renewable energy company, which happens to be one of the largest operators of renewable energy systems in the world, announced that it is ready to launch a blockchain trace electricity generation.


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