The US Department of Energy Explore Block Chain solutions to defend against attacks, specifically cyber-attacks. Attacks like the one that happened in Ukraine in 2016 can be on the system without being noticed right before the entire system crashes. The attack left thousands without electricity during a time in cold winter.
In the National Energy Technology Laboratory, the department is looking for solution that will help them protect power plant against attacks like this. Part of the play for the US Department of Energy explore Block Chain, is their deal with Taekion.
The applications that are being developed through their pipeline will thwart attacks to prevent the alteration of the plant’s operational information. According to NETL, “Accurate information on the status of power plant operations is critical for electric grid security”. With the help of decentralized information storage, there will be no single point of failure.
A year ago, the department provided Taekion a $1 million grant to develop and is now on the second phase where it is looking to secure energy transactions and protect the power generation facilities from attacks and improve grid reliability. It will also integrate into a more decentralized energy infrastructure. The project is part of the energy department’s office of Fossil Energy Sensors and Controls program. It is funded by the NETL’s Innovation Research program for small businesses.
Taekion is a Colorado based security tech firm that works with secure transactions, especially for energy applications. The current focus of the block chain industry is in the energy industry which include applications in areas like balancing supply and demand, contract management and with cost savings.
This is not the first time that the US Department of Energy explore Block Chain. The department has explored blockchain before for technological improvements when they partnered with BlockCypher to settle transactions through multiple block chains. The department announced that they will be upping funding to $4.8 million. The funding will be for research and development projects from Universities including technologies related to Blockchain.
Russian energy company, Gazprom announced that they will be using block chain for their supply agreements.