The U.S. Senate is set to take another look at blockchain technology next week.
The Committee on Energy and Natural Resources will host a hearing on "Energy Efficiency of Blockchain and Similar Technologies" on August 21, in an effort to better understand how blockchain technology might impact electricity prices and what benefits it can provide, according to a public announcement released Thursday.
"The purpose of the hearing is to consider the energy efficiency of blockchain and similar technologies and the cybersecurity possibilities of such technologies for energy industry applications," the announcement said.
Specifically, it continued, the event will ask the question, "should we expect electricity prices to increase from rising electricity demand in blockchain applications?"
The effort also aims to evaluate whether blockchain and similar technologies might soon bring improvements in the online security of energy supply computer systems.
The event will be a full committee hearing, meaning, at least theoretically, all 23 members will be present.
While the announcement included the fact that there would be witnesses testifying, it did not detail who they would be.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.