A common vision for the future of the nation’s energy grid involves homeowners selling unused power generated from rooftop solar panels to others in their communities, and working together to help ensure the reliability, resiliency, and security of the power grid everyone uses. Sounds great in theory. But how can the grid manage such complex energy transactions at scale?
Several emerging solutions to this opportunity rely on blockchain technology. Researchers at the National Renewable Energy Laboratory (NREL) are evaluating the use of blockchain for transactive energy using hardware in the laboratory’s Energy Systems Integration Facility (ESIF) and it may reshape the world of electric systems operation.
Researchers at the University of Luxembourg are part of an international team that has proposed the first blockchain system to guarantee proper performance even when more than 51% of the system’s computing power is controlled by an attacker.The system, RepuCoin, introduces the concept of “reputation” to blockchain, effectively making it thousands of times more expensive to attack than Bitcoin. It was developed at the University’s Interdisciplinary Centre for Security, Reliability and Trust, and has the potential to be applied in a number of global sectors including fintech, energy, food supply chains, health care and future 5G telecommunications networks.
Tags: Blockchain, IT Security, Security