The US Department of Energy (DoE) has said that it will be backing universities’ research and development projects, including blockchain, up to the tune of USD 4.8 million.
The funding comes from the Office of Fossil Energy under the University Training and Research initiative, which normally funds projects that show the potential to bring advancement to fossil fuel-based energy, while reducing the risks associated and bringing down operating costs.
Under the initiative, the US DoE encourages the development of cutting edge technologies that can make energy more affordable, especially though bringing efficiency into electrical grid systems.
The funding, normally meant for development in computing systems for coal-fired plants for analytical processing, water reprocessing and environmental sciences, is also seeking blockchain this time in order to “secure process signal data and other information flows within distributed sensor networks for fossil-based power generation systems”.
The DoE is not new to the technology, however. Almost a year back in January 2018, it had teamed up with BlockCypher, a blockchain company, to develop a multi blockchain system for energy bill settlements. It had also approved a USD 1 million grant to a Colorado blockchain company, Grid7, for the development of a decentralized energy grid.
The use of blockchain by energy sector from around the world is a recurring theme. South Korean state power company KEPCO is using the technology for the development of microgrids, while the affluent residents of Bangkok are already using blockchain on a trial basis for exchanging renewable energy.