The Department of Energy of the United States has announced the allocation of $4.8 million for the research and development into four specific areas including the Cybersecure Sensors for Fossil Power Generation which has the application of blockchain technology. The whole idea behind this funding is to prepare the next-line of science and technology professionals in the field of fossil energy. This according to the Department will help to reduce the carbon footprint and overall cost related to the generation of fossil energy. This is not the first time when the Department of Energy has invested in blockchain technology as in July last year; it had granted $95 million to various states including Colorado which had proposed to develop startup Grid7 based on the blockchain technology.
Blockchain and Energy Sector
The announcement of funding mentions the blockchain technology and its ability to improve the overall potential of the energy sector. The Department specifically mentioned that use of blockchain and peer-to-peer protocol could help to ensure secure signal besides facilitating the seamless information flow within the distributed network of sensors for uninterrupted power generation.
The Department of Energy said that it is anticipating the selection of up to 12 projects for allocating the aforementioned funding. Acciona Energia – a Spain-based renewable energy corporation which is also regarded as one of the largest renewable energy operators in the world – is all set to use the blockchain technology for tracking the electricity generation. The Government of South Korea had also announced in December last year that it would spend $3.5 million in order to set up a virtual power plant based on blockchain technology in its city Busan, Korea’s second most populous city. This plant is being developed with an objective to optimize the power generation by integrating idle capacity runtime of the various energy sources involved in the generation of power.