US Department of Energy to Fund Universities’ Blockchain Research Initiatives

The U.S. Department of Energy has expressed its plans to give away $.4.8 million worth of federal funding for universities working on research and development projects, including blockchain-related systems.

The announcement said that the funding is coursed through the department’s Office of Fossil Energy. The funding is part of the “University Training and Research” efforts to establish fossil energy applications.

There are various objectives behind the projects under the initiative, such as the establishment of early-stage technologies for cheaper local energy resources and enhanced electric grids, according to the department.

Another interesting area for funding is blockchain technology that is believed to “secure process signal data and other information flows within distributed sensor networks for fossil-based power generation systems.”

There are also other possible projects that are not necessarily related to blockchain, but would look into innovative computing resources for coal plants to produce analytical results, enhance water reuse procedures, and examine physical and biological sciences to gauge chemical elements with coal fly ash.

The department further clarified that it gives funds to R&D projects to minimize the “risk and cost” of forward-thinking fossil-based energy technologies and allow more sustainable use of fossil resources in the U.S.

This is not the first time, though, that the U.S. Department of Energy has explored blockchain for technological advancements. In early 2018, the department partnered with BlockCypher to develop a blockchain-based system for peer-to-peer energy transactions.

In July 2018, the department also gave an almost $1 million in funding to Grid7, a Colorado-startup, to hasten and improve the technology behind a decentralized energy grid.