In another blockchain initiative Department of Energy (DOE), the United States granted the energy company ComEd and 3 more organizations, a $1.05 million grant. The company is working on commercialization of energy transactions using blockchain.
According to the ComED press release dated August 9th, the platform is focusing to serve energy management to energy exchange needs. An energy internet will be developed for building energy management and occupant benefit enhancement. Apart from ComEd, the other three organizations specialized in energy management are the University of Denver, Virginia Tech and BEM Controls.
BEM Control has already been working on the development of an energy efficiency enhancement solution for buildings. The project is DOE-funded and the new $1.05 million grant is expected to expand the same on blockchain technology for the facilitation of an energy marketplace. ComEd’s Grid of the Future Lab will be demonstrating the functionality of the new energy-efficient system which is expected to be a development process of over three years.
Blockchain uses multiple nodes working in a decentralized order for record-keeping and transaction verification making an idle technology solution for energy efficiency. Companies like BEM Controls in the past worked on the development of time-based energy efficiency solutions for interior spaces in buildings for energy reliability and resiliency.
Terry Donnelly, ComEd’s Coo, and president stated that the blockchain technology is making a very positive impact on the environment and the Grid of Future lab is playing a vital role in developing more versatile solutions.
Providing supporting statements, Dr. Amin Khodaei, Chairman of the Electrical and Computer Engineering Department at the University of Denver commented that advanced energy management solutions are proliferating distributed energy resources. These solutions are focused on providing peer-to-peer communication while working on a fast, secure and scalable framework. As per Dr. Amin, these technologies support a sustainable future.
Professor Saifur Rahman of Virginia Tech Advanced Research Institute will be leading the Virginia Tech team with his experience as the IEEE Power and Energy Society president.
BEM Controls is offering an open architecture for blockchain solution development to ensure the transactions are secured. The press release stated that BEM Controls promises transaction security of top-notch standards and this is the main reason for the adoption of blockchain technology.
The Department Of Energy has been a proponent of blockchain technology and has granted funds to promising projects in the past too. The department has been trying to use blockchain invariants of energy grid applications. Early this year, DOE partnered with Taekion, a security firm from Colorado for utilization of blockchain in power-plant security. It was precedent with a $4.8 million grant towards technical research that focuses on the use case of blockchain in securing data that is generated and transmitted by power generation sensors.
Want to learn more? This article might be of interest to you:
Contributing Writer for the Crypto Intelligence Agency