The US Committee on Energy and Natural Resources has planned a hearing on the topic of energy efficiency in blockchain in an effort to better undstand how such technology might impact electricity prices, according to coindesk.com. The hearing will take place Aug. 21.
Furthermore, the hearing will address the energy efficiency of blockchain and the cybersecurity possibilities of such technologies for energy industry applications. According to an announcement from the Committee, the event will ask if the it should be expected that electricity prices will rise due to rising electricity demand in blockchain applications.
According to coindesk.com, this is the first time a Senate committee “has explicitly focused on blockchain’s potential role and affects within the energy industry.”
In June, Energy Manager Today reported that while the value and reputation of cryptocurrencies like Bitcoin fluctuate by the hour, the legitimacy of its operating system, blockchain, is staying intact. Blockchain’s verification system makes it a safe, secure way of organizing and respecting transactions between users, with an extremely rare chance of user fraud.
The unregulated measures make it a tantalizing endeavor for companies looking for a new way to reduce third-party involvement and create a more efficient method of transferring data and chargers. However, before blockchain can really revolutionize the energy industry, one issue needs to be solved: it uses a massive amount of energy.
In the future, combining the grid system with blockchain, ICOs, and IoT is inevitable. By monitoring the energy use of all building owners and devices on a grid, algorithms will best be able to detect where resources are needed most and divert the energy or materials to where they’re needed in real-time.