PLYMOUTH, Ind., June 27, 2018 /PRNewswire
SIMBA Chain in conjunction with ITAMCO and the University of Notre Dame has been awarded a $150,000 grant from the Department of Energy to develop a potential platform for a blockchain solution for the solar energy market.
The Blockchain as a Service (BaaS) company was first formed with a grant from the Defense Advanced Research Projects Agency to Indiana Technology and Manufacturing Companies to develop a secure and unhackable messaging and transaction platform for the U.S. military. Elevate Ventures has provided funding and ongoing support. A federal Small Business Innovation Research grant with the Center for Research Computing at University of Notre Dame also helped the company get established.
"Winning this second Blockchain SBIR grant shows that we're developing competency using this platform," said CEO Joel Neidig. "We're excited to demonstrate how blockchain technology could help the solar energy industry."
Because of how the solar energy industry has grown and changed, it's difficult for utilities to plan for when they will receive or need to distribute power. Because of all the variables, the flow of solar power to the utility from those who create it on small systems isn't predictable. Blockchain technology can help create a system for those creating power to sell it to the utility and for the utility to better plan. "This is trying to develop more of a marketplace to maximize the potential for all involved," said Neidig.
Blockchain lets all the users keep a distributed ledger in the cloud and preserves anonymity and verification when needed. That transactive grid supports interactions between users, prosumers and energy stations.
Photo: Meters connected through blockchain recorded readings every second and can easily and quickly transfer energy to any user needing extra power. (credit: SIMBA)
Source: SIMBA Chain