Congressional Research Service Finds Potential Blockchain Uses for Energy Sector

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The U.S. Congressional Research Service released a report detailing the potential uses for blockchain in the national energy sector.In a report titled , published August 9, the legislators detailed the current state of energy consumption related to cryptocurrency mining, both nationally and internationally. They also explored possible ways to regulate the energy-intensive mining process, and to integrate blockchain technology in current energy systems.Some of the opportunities for blockchain include placing utility bill transactions on a smart grid, supporting electric vehicle charging infrastructure, and distributing energy resources.“Traditionally electric utilities are vertically integrated. Blockchain could disrupt this convention by unbundling energy services along a distributed energy system,” according to the report. This could lead to greater industry transparency, efficiency, and competition among energy producers.Additionally, blockchain could increase consumer choice in the energy market. For instance, the researchers cite the ability to purchase excess energy “produced by their neighbor’s solar panels.”In April, the…

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