Congressional Research Service Examines Blockchain in Energy Sector
Max Boddy's original article for cointelegraph.com reduced by 48%
The Congressional Research Service has released a report that examines, among other things, the potential advantages and disadvantages of pursuing blockchain-based solutions for the energy sector. The Congressional Research Service released their findings in a report on Aug. 9, entitled "Bitcoin, Blockchain, and the Energy Sector." In its report, the research group noted that launching a blockchain solution which allows consumers to purchase energy services within a distributed system, in particular, could make for an energy system that is more transparent, efficient and flexible for the consumer.
In the survey, 77% of respondents apparently said that the energy sector lacks appropriate standards for implementing blockchain solutions. Utilities in the United States are said to be conducting research or pilot stages for blockchain programs, while some European utilities have been using blockchain tech for over one year. Thus, it's critical for the sector to have regulatory clarity on whether distributed energy transactions would be counted as resale or wholesale enterprises, as per the report.
As previously reported by Cointelegraph, the U.S. Department of Energy has recently awarded a grant in the amount of $1.05 million to four organizations working to create a commercial, blockchain-based energy transaction platform.
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