Factom Blockchain Trial by US Department of Energy

0

The US Department of Energy (DoE) has announced that it will be giving TFA Labs, a company specializing in Internet of Things (IoT) technology and security, a USD 200,000 grant.

TFA Labs is currently experimenting with the Factom Blockchain protocol. The purpose is to find ways to check DoE grid devices for malware and virus infections. Factom is one of the pioneer companies, which started pushing blockchain technology for enterprise use. 

Factom and the US Government

This is not the first time a government agency is reaching out to Factom. The company is already working with the Department of Homeland Security (DHS). They are placing a focus on ways to store camera and surveillance recordings on the blockchain.

What TFA Labs is looking to achieve by using the Factom protocol is even more global. Aside from storing data about different devices on the Factom blockchain, TFA Labs will also develop a database with the specific characteristics of the software installed on each device.

The US DoE is investing heavily in connecting their grid devices through IoT, in order to make the grid more efficient and self-sustainable. 

TFA Labs will further boost this efficacy by introducing blockchain technology to the mix. One of the main reasons behind TFA Labs’ decision to chose the Factom blockchain for this project is that it is open to anyone who wishes to use it, without the necessity to employ Factoid tokens in their work.

What Does Blockchain Technology Offer?

While the US DoE is already actively investing in supporting IoT on all devices connected in the US grid, blockchain technology has the potential to make the information coming from all these devices more manageable.

Ever since 2014,  DoE has been working on improving the capabilities and data analysis of the information received from individual devices.

The Blockchain Advantage

What blockchain technology has to offer, is a boost in the way information travels between devices and the final receiver, and much more secure storage for this data. Not only that but if TFA Labs manage to develop a working database of all devices in the grid, later on, the blockchain has the potential to allow the DoE to set automatic actions in motions, through the use of smart contracts.

According to the latest DoE Smart Grid System Report, the main goal behind the modernization and digitization of the electrical grid in the US is to: “improve the reliability, flexibility, security, and efficiency of the electricity system.”

In addition, blockchain technology has the potential to boost all these key factors, and this was one of the main reasons for the DoE to decide to leap towards innovation with a grant for TFA Labs. 

Advanced Monitoring

Not only that but counting on the Factom blockchain will allow the government to monitor any uninvited alteration of the devices connected in the grid.

According to TFA Labs, any outside interview is viewable on a cryptographic hash. As each individual device will have its’ own identity profile saved on the blockchain, if the hash does not match the profile, this will signal the DoE that this device has been manipulated.

 

Throughout my experience, as a media analyst, I’ve had the pleasure to work for the European Central Bank, Morgan Stanley, Barclays, Societe Generale, Hilton Hotels, and Aviva International. I am also a passionate contributor to a number of leading cryptocurrency and blockchain news websites. These experiences have given me a deep insight regarding the financial world, blockchain enterprises and institutions and practices involved in it. I am extremely excited to be a part of Business Blockchain HQ as this is a team of professionals who definitely have worthy material to share.

Post a Comment

avatar
  Subscribe  
Notify of