Report by the U.S. Congressional Research Service has discovered uses for blockchain in the energy sector

0
  • U.S. Congressional Research Service conducted on analysis for uses of blockchain for the energy sector.
  • They are exploring ways to regulate energy-intensive mining process with integration of blockchain. 

 

A report was released by the  U.S. Congressional Research Service detailing the potential uses for blockchain in the national energy sector. 

It detailed that the legislators see that the current state of energy consumption related covering cryptocurrency mining, both nationally and internationally. Researchers did conduct work on possible ways to regulate the energy-intensive mining process and to integrate blockchain technology in current energy systems.

They found that opportunities for blockchain including being able to place utility bill transactions on a smart grid, supporting electric vehicle charging infrastructure, and distributing energy resources.

Within the report they noted:

 

“Traditionally electric utilities are vertically integrated. Blockchain could disrupt this convention by unbundling energy services along a distributed energy system,” according to the report. This could lead to greater industry transparency, efficiency, and competition among energy producers.

 

Get the 5 most predictable currency pairs

About Author