Today, it was announced that the Factom blockchain will be used by TFA Labs, a tech company primarily focused on IoT-security, to explore a solution to secure the energy grid as part of a US government-funded project.
This development follows the awarding of a $199,660 USD Small Business Innovation Research (SBIR) grant to TFA Labs by the United States Department of Energy.
The Factom Protocol is an open source, enterprise-grade, developer-friendly, ready-to-use platform to efficiently build blockchain solutions, utilized by the U.S. Department of Homeland Security, the Bill and Melinda Gates Foundation, and other leading enterprises.
“Attacks on electric grids in Ukraine and elsewhere have highlighted vulnerabilities that blockchains are positioned to solve now. Using the TFA Labs Signed at Source solution we can implement secure device access and ensure data integrity is maintained from the source of each device and at any point in transit. This opportunity gives us the authority to investigate the benefits blockchain can bring to securing the US energy grid as part of phase one of this government-funded project.”
– TFA Labs CEO Dennis Bunfield
Immutable Blockchain Layer
If the project yields success in its initial phase, the subsequent development will produce technology that would help improve the security of everyday devices used by consumers in addition to industrial equipment.
Working with manufacturers, the cryptographic device can be embedded within vendors hardware providing a cost-effective means by which any device can be secured out-of-the-box via blockchain technology.
Securing data at the source means data is protected and devices are secured and impervious to malicious actors. Integration of this technology with the electric grid will mean a more resilient system able to handle the demands of today’s power requirements with the ability to scale for the needs of the future.
Through the use of blockchain technology, an immutable layer can be built for industrial systems that can improve environmental and workplace safety, improve device integrity, and lower costs by creating immutable digital audit trails.
“The integration of the Factom Protocol with the electric grid would strengthen the resilience of the system, enabling scalability for the future. This announcement is a significant seal of approval for the Factom Protocol, and underlines our credentials as the standard-setter for government and enterprise-grade blockchain innovation.”
– Greg Forst, Marketing Chair of Factom Protocol