United States Senate to Probe into Blockchain Energy Efficiency

Senate Hearing on Blockchain Energy Efficiency

The Committee on Energy and Natural resources of the United States Senate is to host a hearing on “Energy Efficiency of Blockchain and similar technologies”. The Senate sitting is scheduled for 21 August 2018 next week. The hearing is an attempt to understand how blockchain technology might affect electricity prices and related benefits. A public announcement released on Thursday mentioned that,

“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. Further, should we expect electricity prices to increase from the rising demand for electricity in blockchain applications?”.

During the event, the senators will also try to evaluate if blockchain and similar technologies might soon bring improvements. Such as online security of energy supply computer systems. The event will be a full committee hearing meaning that all 23 members will be present according to the books. This will mark for the first time a Senate committee hearing explicitly focused on blockchain potential role and possible effects within the energy industry.

Other previous Senate hearings regarding blockchain have focused in areas from regulating crypto startups and ICOs to supply chain applications of Blockchain.

Would blockchain help in Improving Energy Supply

The online security of energy supply computer systems is very vital for maintaining a constant supply of energy. Consider those computers running large hydroelectricity dams and Nuclear power stations. A potential computer system hack would mean possibly of catastrophic damages on both the environment and the economy.

Hydroelectricity dam failure has consequences ranging from flooding to earthquakes not forgetting the economic implications. Nuclear power sites on the other hands have far worst damages. For a decade, blockchain has continually proofed it is resilience in data security. Using blockchain to protect computer infrastructure is not only vital but also essential.