There are "valid" potential applications of blockchain in the energy sector


The US Senate held an audition on the energy efficiency of the blockchain and similar technologies, according to an announcement published on August 21

The Hearing on Energy and Resources natural, held by the United States Senate Committee in Washington, DC, focusing on the application of blockchain and related technologies, as well as on the cybersecurity possibilities of the use of such technologies in the industry. power.

In particular, the committee examined the question of the possible increase in electricity prices due to the growing demand for energy in blockchain applications. The hearing also touched on the methods

to assess whether the blockchain can improve the IT security of the IT systems used to provide power.

Among the speakers, Thomas A. Golden, program manager at Electric Power Research Institute (ERPI), reported that the research on the blockchain institute and its capabilities has led to several pilots who have shown potential promise in the development of blockchain to allow the transactive energy.

ERPI set up a Blockchain Utility (UBIG) interest group of nearly 40 energy companies to raise awareness and provide information on technology. In addition, the institute has started the development of a blockchain-based energy market simulator.

Claire Henly, CEO of the Energy Web Foundation, addressed the problem of using Bitcoin energy and similar networks by also emphasizing that there are "valuable" potential blockchain applications in the energy sector. "Like Henly, blockchain can make energy markets more efficient and open, while there are still some critical issues that should be resolved before the blockchain can contribute to the energy sector on a large scale.

Arvind Narayanan, associate professor of computer science at Princeton University, contributed with his perspective on potential new technology projects, arguing:

"A blockchain-based market could be more attractive than a centralized trading platform if market participants are opposed to a single company that controls the platform. Other initiatives allow customers to directly exchange electricity with one another in a "peer-to-peer" manner, for example by purchasing and selling solar energy on the excess roof. However, peer-to-peer business still requires the collaboration of utilities that ultimately control the physical flow of electricity. "

Speaking of cybersecurity, Narayanan said that blockchain brings the potential benefits of addressing the cyber security risks of energy systems, noting that" policy makers should consider it one of the many possible technical tools to address energy cybersecurity. "

At the end of July, the president of the United States Commodity Futures Trading Commission (CFTC) Christopher Giancarlo spoke of his agency's interest in blockchain technology during a further congressional hearing, emphasizing the need for appropriate measures to enable enabling the CFTC to consider the implementation of blockchain technology in the future.

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