The US Department of Energy (DOE) has recently granted $1.05 million to multiple firms to commercialize a blockchain-based energy transaction platform.

According to a press release of ComEd energy company, ComEd is one out of four recipient organizations, alongside with University of Denver, Virginia Tech and BEM Controls, an energy management software provider.

Dr. Amin Khodaei, Chairman of the Electrical and Computer Engineering Department at University of Denver has said:

“The growing proliferation of distributed energy resources calls for advanced management frameworks that support peer-to-peer communications while being fast, scalable and secure […] Now is the time to develop and demonstrate the technologies that can make a more sustainable and resilient future possible.”

The project aimed at improving energy efficiency in buildings. The grant is expected to promote the new blockchain-based energy marketplace, with ComEd to use its Grid of the Future Lab to demonstrate the new system’s functionality.

Moreover, BEM Controls claimed that implementing blockchain in their platforms can help ensure transactions privacy. 

Earlier, DOE Fossil Energy Office has reportedly offered funding of up to $4.8 million to 12 promising energy-related university research projects, including a focus on blockchain. DOE said the grant is part of its University Training and Research initiative, which aims to develop the future workforce in fossil energy applications.