US National Lab to Provide Blockchain Energy Solution

The partnership is believed to be the first to enable the buying and selling of energy in Dash
24 January 2018   207

BlockCypher, leading provider of Blockchain Web Services and infrastructure, announced on Tuesday it partnered with the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) to demonstrate how energy transactions can be settled across multiple blockchains and integrated technologies.

It is said that energy transactions involving distributed energy resources (DER) will be settled across multiple blockchains, starting with the Dash blockchain.

Blockchain technology presents a transformative and highly scalable platform for enabling distributed energy markets, which could enable DER to interact more effectively with the larger grid. NREL and BlockCypher will show how peer to peer payments can be facilitated and settled on the Dash network between two test homes in NREL’s Energy Systems Integration Facility (ESIF). The project will ideally then be scaled to include utility interaction and multiple homes on a feeder.

 

Dylan Cutler
Senior Engineer and Principal Investigator for the project at NREL.

According to the announcement, it is the first time the U.S. Department of Energy is exploring such progressive technology to facilitate peer to peer energy transactions.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   56

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.