Copy link
Increase text size
Decrease text size
Link copied

US Energy Department awards $1.05M grant to blockchain-based energy management initiative

Mon, 12 Aug 2019, 04:39 am UTC

The U.S. Department of Energy’s (DOE) Office of Science, the lead federal agency supporting fundamental research for energy production and security, has awarded a $1.05 million grant to four organizations to commercialize a blockchain-based transactive energy platform.

According to a press release dated August 09, energy company ComEd, the University of Denver, Virginia Tech and software specialist BEM Controls will work towards creating an “energy internet” with the objective of enhancing energy management of buildings and benefits to occupants.

The project will build upon BEM Controls’ existing DOE-funded project on a blockchain-based transactive energy platform. BEM Controls said that it selected blockchain to support its open architecture due to the technology’s recognized ability to ensure security for a broad range of transactions.

For the project, ComEd will use its Grid of the Future Lab to demonstrate the functionality of the system. The project will be developed over three years, the press release said.

“Energy management technology has the potential to make a very positive impact on the environments in which we live and work,” said Terry Donnelly, president and COO, ComEd. “ComEd’s Grid of the Future lab will play an important role in advancing the science in this field and support our efforts to deliver a premier customer experience.”

The Virginia Tech team is led by Prof. Saifur Rahman, founding director of the Virginia Tech Advanced Research Institute, IEEE fellow and president of the IEEE Power and Energy Society.

Dr. Amin Khodaei, Chairman of the Electrical and Computer Engineering Department at University of Denver, said

“The growing proliferation of distributed energy resources calls for advanced management frameworks that support peer-to-peer communications while being fast, scalable and secure. Now is the time to develop and demonstrate the technologies that can make a more sustainable and resilient future possible.”

Earlier in January, the DOE has announced up to $4.8 million in federal funding to support research and development (R&D) projects at universities, including those focused on emerging technologies such as blockchain.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $8,865.24 (-0.55%)
  • Ethereum (ETH) $168.86 (-1.23%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $360.75 (+4.62%)
  • Bitcoin SV (BSV) $256.47 (-18.85%)
  • Bitcoin (BTC) $8,865.24 (-0.55%)
Jan 17, 2020 (Friday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto dealer SFOX announces new service for investors and wealth managers
Binance in talks with TaoTao and Z Corporation for strategic partnerships in Japan
Crypto Technicals: NEO/USD set to scale new highs, 200-DMA breakout confirms bullish trend
Crypto exchange Gemini launches own insurance company "Nakamoto"
eToro, Radar and OKCoin join Coinbase-led Crypto Rating Council
Huobi joins Blockchain Turkey Platform (BCTR)
U.S. authorities urged to investigate crypto use in funding domestic terrorism and extremism
Calibra, Anchorage, Bison Trails executives elected to Libra’s new technical steering committee
Crypto Technicals: LTC/USD bounces off 5-DMA support, eyes next major hurdle at 200-DMA (65.43)
U.S. lawmakers seek tax exemption for crypto transactions under $200
Former CFTC Chair launches Digital Dollar Project in partnership with Accenture
Crypto Technicals: ETH/USD resumes upside after brief pause, eyes 23.6% Fib at 174.83
Uzbekistan to launch national mining pool and licensed cryptocurrency exchange
Crypto Technicals: BTC/USD extends sideways below 200-DMA, bias bullish
Garanti BBVA conducts real-time blockchain transfers using Takasbank's BiGA Platform
Jan 16, 2020 (Thursday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Litecoin Foundation, BlockFi partner to bring more liquidity to users
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.