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TFA Lab Raises $ 200,000 From U.S DOE To Protect National Power Grid

 3 years ago
source link: https://blockchainmagazine.net/tfa-lab-raises-200000-from-u-s-doe-to-protect-national-power-grid/
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TFA Lab Raises $ 200,000 From U.S DOE To Protect National Power Grid

September 6, 2019 by Editor's Desk

TFA Lab, a blockchain company, is purportedly receiving an amount of nearly $200,000 from the U.S. Department of Energy (DOE) to assist in protecting the national power grid.

Blockchain to improve grid resilience and reliability

The U.S. Department of Energy awarded the funds to TFA Labs on Jule 12th. The primary aim for granting these funds was to develop a system for improving grid resilience and reliability using blockchain technology.

“Electric grids are quickly evolving with advanced monitoring and information management as well as communication through connected devices. Although the number of devices and sensors coming online is increasing exponentially, the same vulnerabilities remain in data integrity at the source and during transport. The overall objectives of this proposal are to design a system to improve grid reliability and resilience through the use of blockchain technology,” the abstract read.

Security out-of-the-box via blockchain technology

TFA Labs is expected to secure and validate devices on the grid that are not contaminated with malware. The proposed approach also includes providing a cost-effective way to protect any device through blockchain technology; and creating a technology for improvising on the security of devices used by the customers. 

TFA Labs is reportedly being involved in the U.S. government-funded trial of blockchain technology to secure the national power grid. An internet-of-things security start-up, TFA Labs, is using the Factom protocol to validate relevant devices on the grid.

According to a report, the first phase of the trial will continue until March next year, before TFA Labs will intend to have a protocol ready. Furthermore, TFA Labs will partner with device manufacturers and raise funds up to $1 million from DOE, if the trial is to have a second phase.

Bitcoin is using less energy

Despite the record hash rates, the consumption of Bitcoin (BTC) energy is becoming progressively more efficient every passing day. According to the statistics by aggregator Statista on September 5th, the data suggested that Bitcoin requires less electricity to fuel it, despite consuming more computing power for Bitcoin mining. 


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