The US Department of Energy Permits Around 200,000 Dollars to Factom For Grid Security

The DOE (Department of Energy) of the United States has granted about 200 hundred thousand dollars to a blockchain company called Factom. The project aims at protecting the national grid of power. As per the reports, the Department has awarded the said funds to the entity on 12th July 2019.

The official abstract notes that in spite of an increased number of sensors and devices coming online, the vulnerabilities remain the same when it comes to the integrity of data at both the source as well as through the transport. Thus, the overall goals of this massive grant suggest designing a system utilizing the technology of blockchain to enhance grid resilience and reliability. The abstract also mentions how rapidly the electric grids are evolving, thanks to advanced information management, monitoring, and communication with the connected devices.

The suggested approach involves securing and validating devices present on the grid that are not malware-infected. Other than that, it also includes building technology for improving the security of those devices that are used daily by consumers. It presents a cost-effective manner in which it is possible to secure devices through blockchain technology.

The reports also revealed that a start-up in the space of IoT security, called TFA Labs, is a part of the blockchain tech’s trial of protecting the national power grid. The trial is funded by the US government. TFA Labs is exploring a solution that helps to secure this grid, relying on the Factom Protocol.

Reportedly, the 1st phase would last until March when the TFA Labs plans to ready the prototype. If the trial enters the second phase, TFA will not only tie-up with the device manufacturers, but could also receive a funding of nearly one million dollars from the DOE.


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