U.S. Dept. Of Energy Grants $200,000 to Blockchain Company
The U.S. Department of Energy granted nearly $200,000 to blockchain company Factom to help protect the national power grid.
On July 12th, the U.S. Department of Energy awarded the funds. The aim of the grant proposed to design a system to improve grid reliability and resilience through the use of blockchain technology. The abstract goes thus:
“Electric grids are quickly evolving with advanced monitoring and information management as well as communication through connected devices. Although the number of devices and sensors coming online is increasing exponentially, the same vulnerabilities remain in data integrity at the source and during transport. The overall objectives of this proposal is to design a system to improve grid reliability and resilience through the use of blockchain technology.”
The approach will include validating and securing devices on the grid that are not infected with malware and developing a technology to improve the security of daily devices used by consumers.
Factom is participating in the U.S. government-funded trial of the blockchain technology to protect the national power grid.