Universities working on research and development projects including the projects related to blockchain technology can expect some funding in the near future as the US Department of Energy has recently announced federal funding of about $4.8 million.
Announced this Monday the US Department of Energy has decided to make the funding available through its Office of Fossil Energy as a part of the University Training and Research initiative focused on developing fossil energy applications.
According to the department, the initiative includes various projects targeted at achieving certain objects such as development of latest technologies for cost-effective domestic energy resources as well as enhanced electric grids.
The funds thus announced will also focus on blockchain technology related projects. The funding for blockchain projects will protect process signal data and the flow of information within distribution channels for fossil-based power generation ecosystem.
Other projects that would be benefited by the funding includes projects focused towards exploring advanced computing resources for coal plants to draft analytical results, enhance the processes to reuse water, and investigate physical and biological sciences to calculate chemical elements inside coal fly ash.
The funds have been allocated with the aim to lower the risk and cost involved in the advanced fossil fuel-based energy technology as well as to ensure the sustainable use of fossil resources in the US, as informed by the department.
The department has taken up a project to explore blockchain technology in the past as well. Last year in January, the department collaborated with BlockCypher to create solutions to enable energy transaction across various blockchains. Similarly, in July 2018, the department allocated $1 million grant to Grid7, Colorado-based, with the aim to advance the development of a decentralized energy grid.
The recently announced funds are said to be allocated to around 12 projects shortlisted by the department. According to a Cointelegraph report in December 2018, a Spanish renewable energy company Acciona Energía is working towards deploying blockchain tech to trace electricity generation.
Just like the US Department of Energy, the South Korean government in December 2018 spent nearly $3.5 million to create a blockchain-powered virtual power plant in Bausan, the second most populous city in the country. The plant was designed to integrate the idle capacities of various energy sources with the aim to optimize power generation.
It is hoped that the funding by the US Department of Energy will help researchers uncover ways to better utilize natural resources and use blockchain ensuring the optimum utilization. The department, however, has not disclosed the projects that will receive the funding. However, it is believed that the projects would be related to fossil fuels and blockchain technology.