These days it’s in the news that U.S Energy seeks block chain research proposals. The U.S department of Energy (DOE) is nowadays searching for block chain technology.
Here a question arises that WHY it is doing that? Why Block Chain has become so important for it that it’s actually finding ways for block chain research proposals.
Firstly let’s dig into Block Chain Technology so that we can have clear idea why it is being given so much significance.
Well, block chain technology was created for Bitcoin. All the transactions of Bitcoin were automatically recorded in block chain so in easy terms you can say it served as a ledger for Bitcoin transactions. As the new transactions were made, new blocks were eventually made up and get mixed with the old blocks. The main point is that Block chain technology holds all the digital information. Now notice this point. You can roughly get an idea that why the emphasis is on block chain technology.
Block chain network is basically developed so that the daily records or you can say the spread sheets can be updated on daily basis, keeping in mind that it happens automatically once you start to use Block Chain Technology. All the concerned information that holds on block chain subsists as shared and continually conciliated as data base. The data base of Block chain is totally not kept in any one location, which means all the records are veritably public and easily confirmable. The very important notable part of block chain is that it’s decentralized so no hackers can corrupt it. At a time, it is hosted by so many computers thus its data base is approachable for everyone on the internet.
So basically block chain permits the digital information to be circulated and not to be copied. This feature of block chain has compelled the technology community to find other possible usages for this technology.
The block chain technology is very amazing, it keeps on ascertaining itself every 10 minutes. This can be termed as self-scrutinizing of digital value. This network conciliates every transaction that happens in the duration of 10 minutes. The data base in this network is purely visible to all and the most attractive feature of block chain technology is that its data base can never be hacked or vitiate.
This technology is such type of internet that has innate robustness, as it keeps the blocks of information which is same throughout the network. It can’t be operated by one single entity and to your surprise; it has not one single probability of failure.
“2017 will be a pivotal year for blockchain tech. Many of the startups in the space will either begin generating revenue – via providing products the market demands/values – or vaporize due to running out of cash. In other words, 2017 should be the year where there is more implementation of products utilizing blockchain tech, and less talk about blockchain tech being the magical pixie dust that can just be sprinkled atop everything. Of course, from customers’ viewpoint, this will not be obvious as blockchain tech should dominantly be invisible – even as its features and functionality improve people/business’ lives. I personally am familiar with a number of large-scale blockchain tech use cases that are launching soon/2017. This implementation stage, which 2017 should represent, is a crucial step in the larger adoption of blockchain tech, as it will allow skeptics to see the functionality, rather than just hear of its promise.” (George Howard, Associate Professor Brown University, Berklee College of Music and Founder of George Howard Strategic)
“I think decentralized networks will be the next huge wave in technology.” (Melanie Swan, author Blockchain: Blueprint for a New Economy)
Up till now you must have got the clear idea that why U.S energy is seeking block chain technology. It is quite obvious that due to its technological advantages the DOE is finding ways for block chain research proposals.
The objective of detectors and controls research area is to provide the latest technological detectors and measurement software/tools that can deal with complications, check the robust, and assure the actual optimization of completely integrated, extremely effective power generation and other fossil fuel based systems.
The DOE has disclosed that nowadays it is researching the new concepts to Block chain. It recently disclosed that it is looking for proposal that should summarize the technical and economical benefits of this technology for robust energy based systems. The U.S DOE department is already working on different areas that can firmly put up fossil energy technologies.
According to DOE:
“Blockchain technology is one of the subtopics under “Sensors and Controls for Fossil Energy Applications”.
� Except US (DOE), the other government departments have also taken interest in block chain technology and searching ways to use its technology to their concerned departments.
Here an example of block chain technology for robust energy based system can be given, probably it will be figuring nodes within sensor networks to notice and the concerned transactions as control signals to actuators. By using block chain technology, the wrong signals of actuators that may be extenuate by hackers can be detected which is obviously a very big advantage to the fossil energy system. The block chain technology can also prevent energy system from cyber attacks and threats.
� According to DOE:
“Proposals are sought to develop novel concepts for energy systems that rely on block chain technology to assure robust systems that are less susceptible to cyber-attack. Direct use of real-time measurement data from sensor networks and/or “smart” components that feature embedded instrumentation or other enabling technologies that support the industrial ‘Internet of Things (IoT) is strongly encouraged”.
Right now it’s not completely clear that how much DOE will put research efforts in block chain technology for fossil energy based systems. Let’s see and wait what DOE does!
Source: Read Full Article
Litecoin Is Looking To Take The Top Spot From Bitcoin
Standard Chartered Takes More Bullish Stance On Ethereum Than Bitcoin, Predicts ETH At $35,000
This Trader Thinks Ethereum Would Lose More Than Bitcoin In Case Of A Market Correction
Bitcoin Retakes $11k — Further Reinforcing Analysts Take That $20,000 Is In Sight ⋆ ZyCrypto
Raoul Pal: Current Bitcoin Bull Run ‘Gigantically Different’ From 2017 Rally