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Power grid

US Department of Energy Fund Trials Blockchain Factom to Secure Electricity Networks

September 5, 2019 at 11:23 PM | By Jit Sutradhar News

Factom, one of the first companies to launch blockchains to companies, is participating in a technology test funded by the US government. UU. To protect the national electricity grid.

Announced on Thursday, TFA Labs, an Internet of Things security (IoT) startup, is experimenting with Factom’s protocol to validate that devices on the network are not infected with malware.

Backed by a grant of nearly $ 200,000 from the United States Department of Energy (DOE), the project aims to improve the safety of millions of such devices.

In some cases, TFA Labs is looking to store raw data, such as health and device status, in the Factom blockchain. In other cases, the company wishes to assign a digital identity to the firmware or permanent software installed on the devices. If the files are manipulated, they will produce a cryptographic hash that does not match the digital identity, indicating that something is wrong.

“We can store raw data or data hashes,” Dennis Bunfield, CEO of TFA Labs told CoinDesk. “It is ideal for the use of IoT devices.”

The first phase will last until March, when TFA intends to have a prototype for the use case. If the experiment reaches phase two, TFA Labs will collaborate with device manufacturers and could obtain about $ 1 million in DOE funds.


Factom is working separately with the Department of Homeland Security (DHS) to record camera and sensor data in the blockchain and with the Bill and Melinda Gates Foundation to see if technology can digitize records of people living in remote parts of the world.

Business users can develop the startup protocol using familiar coding languages, said Greg Forst, president of marketing at Factom Protocol.

“We are focused on data and business level, whether it is a government, a startup or any intermediate person,” said Forst.

Founded in 2014, the company based in Austin, Texas, made one of the first token offers, raising $ 1.1 million in 2015 by selling factoids.

However, “you don’t need the factoid token to use the protocol,” Bunfield said. “Therefore, it is never necessary to touch crypto to use the protocol, which makes it ideal for use by governments and corporate companies.”

Subsequent rounds of seeds and Series A contributed more than $ 8 million to Factom. An initial project that registered property titles in Honduras stagnated. Factom then introduced a product for the mortgage industry. In July of this year, a non-profit organization called the Triall Foundation announced that it was conducting a clinical trial on Factom.

Power grid image via Matthew Henry on Unsplash

This article is republished from coindesk.com. If you have any questions, objection or any other matter you can contact us. Thank you for visiting our website.

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