The Crypto Times
Image default
Blockchain Government News

US Energy Department Awards $200,000 to Blockchain Firm to Help Secure Power Grid

The US Department of Energy (DOE) is rewarding about $200,000 to blockchain enterprise TFA Labs as part of a grant to help secure the country’s power grid. 

The Department of Energy reportedly awarded the funds back on July 12. The grant’s objective was to design a system that will improve the reliability and resiliency of the power grid using blockchain technology. 

Evolving Through Data Management

An abstract of the DOE grant stated how quickly electric grids are evolving through data management, advanced monitoring, and communication via connected devices. It noted that despite the exponential increase in the number of sensors and devices going online, the same vulnerabilities in data integrity remain. These weaknesses are typically seen at the source and during the transport of information. 

The abstract also included proposed strategies that involve endorsing and safeguarding devices on the grid that are not contaminated with malware and to develop technology that bolsters the security of devices commonly used by consumers. It also mentioned providing a cost-effective method of securing any device “out-of-the-box” with the assistance of blockchain. 

TFA Labs

Internet-of-Things startup TFA Labs is one of the participants of this government-funded test run of how blockchain tech can help secure the nation’s power grid. The company is said to be using the Factom Protocol in its efforts to come up with a solution to this security challenge. 

The blockchain company will reportedly have until March to come up with a ready prototype. If the trial proceeds to the second phase, TFA Labs will work with manufacturers to create their device. They can secure up to one million in funding by that time.

Related posts

BSV, BTC, ETH, and XEM Tagged as Top Crypto Performers

Viena Abdon

Sharding: Ethereum’s Scaling Strategy

Sierra Sanders

Crypto Expert Predicts Central Banks Will Invest in Bitcoin to Hedge Risks to Dollar

Viena Abdon

NEO Rumored to be China’s Crypto

Miles

Binance Launchpad Successfully Launches Matic Network IEO

Viena Abdon

Retail Giant Alibaba Files US Patent Application for Domain Name Computing System

Viena Abdon