The U.S. Department of Energy has announced federal funding of up to $4.8 million for universities working on R&D projects, including those related to blockchain.
Monday, the funding is being made available through the department's Office of Fossil Energy as a part of the "University Training and Research" initiative aimed to develop fossil energy applications.
Projects under the initiative are aimed at achieving various objectives, including the development of early-stage technologies for more affordable domestic energy resources and improved electric grids, the department said.
One of the areas being targeted for funding is blockchain technology that would “secure process signal data and other information flows within distributed sensor networks for fossil-based power generation systems.”
Other potential projects not necessarily including blockchain include those that would explore advanced computing resources for coal plants to generate analytical results, improve water reuse processes, and investigate physical and biological sciences to measure chemical elements within coal fly ash.
The department said it funds research and development projects to reduce the "risk and cost" of advanced fossil fuel-based energy technologies and make more sustainable use of fossil resources in the U.S.
This is not the first time that the department has looked to explore blockchain for technological improvements. Last January, it partnered with BlockCypher to develop solutions allowing energy transactions to be settled across multiple blockchains.
And, in July 2018, the department awarded a grant of nearly $1 million to a Colorado-based blockchain startup Grid7 in a move aimed to advance the development of a decentralized energy grid.
Power plant image via Shutterstock
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.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.