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Colorado Is Stepping Up Blockchain Technology

Samantha Mitchell

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Colorado Is Stepping Up Blockchain Technology

Improved Energy Use

There is some really positive news coming out of the USA with the Department of Energy supporting innovative energy projects with grants. One of which projects is a new concept of moving the power grid to a more decentralized operation. The initiative has been developed by a Blockchain start up which is now the proud winner of a $1 million grant.

Small Business Innovation ResearchThere are nearly 100 projects that are being supported by the Department of Energy through their Small Business Innovation Research (SBIR) programs. The small business above – named Grid7 – is from Colorado and has high hopes for its concept. The money provided by the Department of Energy is gifted for a two year period and will hopefully offer enough assistance to get the project up and running. The SBIR program has access to $95 million which is allocated to the above 95 initiatives. The winners of these grants are based in 26 different states around the US and show wonderful new foresight in the use of energy using the latest technology. All of the projects have been designed by small businesses and as the Department of Energy highlighted “demonstrated technical feasibility for innovations during their Phase I grants competed for funding for prototype or processes development during Phase II”.

The Grid7 Project

Grid7 has secured this latest finance through the SBIR’s second phase of funding. The company already won $150,000 last year through the SBIR and it’s first phase of the program. So it looks as if the Department of Energy is certainly very keen on Grid7 and its project. With only three people on the team this is something which is very impressive. Their project is based on a decentralized solar system which has two main objectives. One of which is to obviously increase the efficiency of the power supplied to homes and businesses and power grids. The other is to offer a lot more security against the latest craze of hacks and fraudulent attacks. Both of these aims are clearly very high on the list of importance for the Department of Energy.

Blockchain’s Going Far

Colorado is joining a long list of states and countries around the world that is now seeking to develop its hold on Blockchain technology. More and more countries are hitting the news showing their drive to use this latest generation of technology to improve their systems and operations. We already saw the state of Colorado make huge steps in this advance at the beginning of the year when it brought in a bill specifically based on the use of Blockchain and how it would be introduced into the State’s existing processes. Data collection was one said operation which would now be completely replaced by Blockchain technology in a bid to improve its efficiency and increase the security around the data that has been collected. Since then we have seen the bill approved and coming into play.

It is absolutely great to see government departments not only supporting new business but also getting behind the roll out of Blockchain technology. We are certainly seeing the confidence in this new technology grow allowing us all to experience just how much Blockchain can really offer. There is a lot more to come that is for sure.

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