One of the major reasons why blockchain is gaining acceptance is that it is applicable in almost every industry. The blockchain is a ledger that stores data and data is used in every industry. This makes the disrupted ledger technology applicable everywhere. However, there are some industries that will benefit more from implementing blockchain technology than others. One of such industries is the energy industry. This is why the United States Department of Energy has decided to fund a research into this technology.
United States Department of Energy Grants $4.8 Million To Fund Blockchain Research
The systems that will be developed will securely process data from sensors and other information flows within the networks for power generation systems that depend on fossil fuel. The department of energy stated that it is going to select at least 12 projects that will benefit from the funding.
Blockchain Technology And The Energy Industry
This isn’t the first major move a government is making in the blockchain space. In December 2018, the south Korean government announced that it was making plans to invest $3.5 million in the development of a blockchain enabled power plant in Bausan. The plant will combine the idle capacities of different energy sources in a bid to optimize power generation.