Senate of the United States to examine the energy efficiency of Blockchain

The US Senate will take another look at blockchain technology next week.

The Committee on Energy and Natural Resources will host an audition on "Energy efficiency of blockchain and similar technologies" on 21 August, in an attempt to better understand how blockchain technology can affect the prices of 39, electricity and what benefits it can provide, according to a public announcement.

"The purpose of the hearing is to consider the energy efficiency of blockchain and similar technologies and the cyber security capabilities of such technologies for energy industry applications," said the announcement .

In particular, he continued, the event will pose the question "should we expect that electricity prices will rise from the growing demand for electricity in blockchain applications?"

The effort also aims to assess whether blockchain and similar technologies could soon bring improvements to the online security of power systems.

The event will be a full audition of the commission, which means, at least theoretically, that all 23 members will make it present.

While the announcement included the fact that there would be witnesses who testify, did not specify who they would be.

This is the first time that a Senate committee hearing explicitly focuses on the potential role and affects of the Blockchain within the energy industry. However, past hearings have covered areas ranging from the regulation of cryptocurrency startups and the first offers of coins to cases of use of the chain.

Image of Capitol Hill via Shutterstock


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