The United States Department of Energy awards $1.05 million in funding for a blockchain solution in the energy sector. The funding goes to an IoT company that wants to create the “Energy Internet”.
The US Department of Energy is primarily responsible for energy and nuclear safety. In addition to arms issues such as the nuclear weapons program, the production of nuclear reactors for the navy and the management of radioactive waste, the Department also deals with issues of energy production and energy production. To further its development in the latter areas – also using blockchain technology – the ministry awards grants to promising companies.
Blockchain aims to improve energy trading
As Ledger Insights reports , the ministry awarded $ 1.05 million in funding to IoT company BEM Controls. This flows into its blockchain project called “Energy Internet”. The company’s platform is designed to help building owners make energy trading more efficient. Users of the platform can draw energy from different sources.
The Energy Internet project works together with ComEd. This in turn is part of the Exelon Corporation, which supplies more than 10 million customers with electricity and gas. In addition, according to Ledger Insights, the universities of Denver and Virgina are participating in the program. Dr. Amin Khodaei, Chairman of the Electrical and Computer Egineering Department at Denver University:
The proliferation of decentralized energy resources requires advanced management frameworks that support peer-to-peer communications while being fast, scalable and secure.
The planned platform should also make it possible to better monitor the energy consumption of individual buildings. Because the Energy Internet project provides for a real-time mapping of the current power consumption.
Decentralized energy supply through blockchain
The very nature of Blockchain, without a central institution, makes the technology for the energy sector seem predestined. Because the technology, which is also used for the crypto-currency Bitcoin, promises a high degree of transparency, security and efficiency. This makes electricity trading peer-to-peer , ie possible directly from provider to customer. The electricity market can thus organize itself.
The additional use of smart contracts could also automate trade, which promises further efficiency gains in blockchain energy trading.
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