Blockchain, the use of energy attracts the attention of the Senate

Blockchain gets control on all sides, and in a looming exam, the United States Senate it will examine the impact of the blockchain on the energy ecosystem – in particular, how it influences the use of electricity.

Cointelegraph reports that the commission for energy and natural resources will hold an audition next Tuesday (21 August), in "Energy efficiency of blockchain and similar technologies". The focus will be on how technology could be used in the energy sector and whether "we should expect electricity prices to rise from [the] increased demand for electricity in blockchain applications". [19659010] In addition to this, the hearing will also examine ways in which blockchain can help improve the online security of IT systems that are connected to the energy system itself. Cointelegraph noted that the hearing will involve the entire committee and mark the first hearing in which the focus will be on the energy industry. Earlier hearings on blockchain and criptos focused on initial coin offerings (ICOs) and used along supply chains.

Energy Manager Today reported on Thursday (16 August) that "the combination of the network system with blockchain, ICO and IoT is inevitable." Through this continuum of devices, infrastructure and monitoring, the algorithms are able to detect where energy (or other resources) may be needed and can ensure that they are implemented in real time.

In reference to the use of the blockchain within the sphere of energy, CBS Marketwatch reported earlier this month that the "blockchain in the energy market" is destined to grow at a compound annual growth rate of 78% between 2018 and 2023, increasing its value to $ 7.1 billion. The private segment will probably be the fastest growing sub-segment there. In terms of regional concentration, the Asia-Pacific will be the largest market in 2023.

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