$ 4.8 million in blockchain financing to be offered by the US Department of Energy

Of& nbspSumedha Bose

Some terrifying news for blockchain fans all over the world. The US Department of Energy has made an important announcement confirming their intention to fuel blockchain research in the country.

The (DOE) Office of Fossil Energy (FE) has announced funding of up to $ 4.8 million in federal funds for research and development (R & D) projects related to blockchain technology.

The announcement was made under the Announcement of Financing Opportunities (FOA) DE-FOA-0001991, University of Education and Research for Fossil Energy Applications.

With the intent to develop and encourage innovation in science and technology, particularly in the fossil energy sector, this funding has been declared in the context of the training initiative and research of the university FE. This project also hopes to bring greater participation of under-represented students in such research.

Blockchain has emerged as the technology of the future that is implemented in the present. No country is willing to be left behind at this juncture when it comes to developments in science and innovation.

The DoE wants to lead to the development of cutting-edge technologies able to transform the energy sector. One of the desired changes is the most accessible energy, which can be achieved by modifying the grid systems.

This funding provided by the DoE is usually assigned to the development of information systems for coal plants for analytical treatment, water reprocessing and environmental sciences. However, this time, the DoE is also looking into the blockchain to ensure

"Safe process signal data and other information flows within distributed sensor networks for fossil fuel-based power generation systems".

The DoE has significant experience with blockchain technology. To begin with, they have already approved a $ 1 million grant to a Colorado blockchain company, Grid7, for the purpose of developing a decentralized energy network.

Also in January 2018, DoE joined BlockCypher, a California-based blockchain company. They jointly developed a multi-blockchain system for energy billing agreements. Investments and interest in technology by federal departments could really help it grow.

Sumedha Bose

Sumedha uses words like her crutch to get by in life. He takes a keen interest in discussing, dancing and destroying patriarchy in his spare time. You can be contacted at [email protected].