At this time, numerous institutions and businesses are actively exploring the potential of the blockchain network, with the Pacific Northwest National Laboratory (PNNL), part of the U.S. Department of Energy (DOE) being the latest to join the blockchain race.

Announcement made in front of Senate Commission

According to recent reports, the national laboratory has begun actively exploring the potential of blockchain applications, especially when it comes down to managing next-generation power grids in the country. The announcement was made by Carl Imhoff, a manager that the PNNL, before the Committee of Energy and Natural Resources of the U.S. Senate. In his statement, Imhoff mentioned that the research lab is applying various advanced technology concepts, in an effort to explore paradigms for future power systems which would be both adaptive and resilient to a wide variety of issues.

He also mentioned that: “With regard to the grid, blockchain could be a part of grid modernization efforts, encourage distributed power generation and storage systems, and help secure emerging market constructs.” 

Currently, the PNNL is working with the Department of Energy alongside a couple of industry partners in order to better determine the potential and optimal use of blockchain technology on the energy market.

It’s worth mentioning that not long ago, the DOE also made a report, saying that it was actively studying possible blockchain uses for creating fossil energy systems and that it was open to proposals and ideas that would help them better leverage the technology.

Based on these aspects, what are your thoughts on an energy grid based on blockchain technology? What would be the benefits? Let us know in the comment section below.