ABSTRACT

Energy Efficiency of Blockchain and Similar Technologies and the Cybersecurity Possibilities of Such Technologies for Energy Industry Applications, Hearing Before the Committee on Energy and Natural Resources, United States Senate, One Hundred Fifteenth Congress, Second Session, August 21, 2018   [open pdf - 4MB]

This is the August 21, 2018 hearing on the "Energy Efficiency of Blockchain and Similar Technologies and the Cybersecurity Possibilities of Such Technologies for Energy Industry Applications" held before the U.S. Senate Committee on Energy and Natural Resources. From the opening statement of Lisa Murkowski: "[the hearing was convened to] delve into whether or not blockchain and related technologies will soon have a transformative impact on energy infrastructure. [...] Electronic transactions are stored as blocks that are linked together to form a chain. The more transactions recorded, the longer the chain. The chain is stored in numerous locations simultaneous so the system is decentralized. The verification needed for this data has created an entire new industry. So-called 'miners' are paid by some blockchain applications to verify data blocks as trustworthy. As a result, entire warehouses of computers have been set up to verify this kind of data. Now obviously, this type of computer-driven industry needs electricity and a lot of it [...] but an overnight demand for more power can cause serious stress on a local utility and impact the grid. [...] At the same time, utilities are looking at blockchain as a way to boost both consumer engagement and grid efficiency through secure energy transaction platforms. [...] Now finally, our hearing will examine any cybersecurity advantages that blockchain and similar technologies might offer over other ways of securing our energy infrastructure." Statements, letters and materials submitted for the record include those of the following: Paul Skare, Thomas A. Golden, Claire Henly, Arvind Narayanan, and Robert E. Kahn.

Report Number:
S. Hrg. 115-527; Senate Hearing 115-527
Publisher:
Date:
2019
Copyright:
Public Domain
Retrieved From:
U.S. Government Publishing Office: http://www.gpo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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