With the growing interest, and new uses for it; blockchain technology is beginning to trickle its way into new markets. Everyone has heard of the increasingly more popular cryptocurrency market. What many aren’t aware of, however, is how the technology behind it works and its various other uses. Many of these alternative uses include the securing of networks and other valuable infrastructures across a variety of fields and products.
The United States Department of Energy awarded the funds to a blockchain technology start up named TFA Labs. The DOE granted the funding as phase one of a project aimed at creating a new system for the national power grid that improves reliability and security measures by using blockchain technology to do so. Electric grids are a very important part of the U.S. infrastructure and assuring that the best safety measures possible are put into place to protect them is a primary concern and TFA Labs hopes to do so by using the Factom Protocol, a stand-alone blockchain solution aimed at securing the data utilized in the blockchain process. This is the DOE’s effort to capitalize on the fact that blockchain technology is beginning to trickle its way into new markets
This first phase of the trial project will last until March, when TFA hopes to have a prototype ready. If it is successfully and carries on to phase two new funding from the DOE could reach close to $1 million in order to allow TFA to collaborate with manufacturers and implement their new technology onto devices able to test its reliability and security measures.
Technology and innovation are great ways to further our society and infrastructure. Grant funding for these purposes is out there and allows organizations the resources necessary to develop new technologies that can help the community. Make sure to check for grants relating to innovation on GrantWatch or browse through more technology news in our Science section of GrantNews.
This is the DOE’s effort to capitalize on the fact that blockchain technology is beginning to trickle its way into new markets