U.S Senate To Explore Blockchain Technology For Energy Industry

It has been recently revealed that the U.S Senate will yet again consider the likes of blockchain technology, but this time, the focus will be on its ability to create use cases within the energy industry.

In particular, the Committee on Energy and Natural Resources shared its plans to conduct a discussion, dubbed, “Energy Efficiency of Blockchain and Similar Technologies” to seek knowledge on its impact of blockchain on electricity prices. The date has been set for August 21, and based on the claims made, it remains another anticipated directive taken by the U.S.

As quoted in CoinDesk’s report, “the purpose of the hearing is to consider the energy efficiency of blockchain and similar technologies and the cybersecurity possibilities […] for energy industry applications.”

One of several questions that the committee plans to address is to see whether or not a correlation exists between electricity prices and “electricity demand in blockchain applications.” Further discussion around the real-life use of blockchain within the online security of energy supply sector will be done.

The announcement made, also revealed that witnesses will participate in the discussion, however, who they are remains unknown. While the U.S has always been conducting some form of blockchain technology and cryptocurrency-based conferences, this will be the first of their efforts to actually side with blockchain implementation.

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