Blockchain is the new “hot” technology that promises to disrupt many industries. It gains traction at a time when “smart” electrical grid management systems are automatically diagnosing problems and emergencies, and reconfiguring responses to them.
It also comes at a time when the U.S. Department of Homeland Security announced that Russians had successfully hacked into at least one power grid in the U.S. and have been attempting to do so since 2016. Obviously, security of smart grids is critical.
And, according to Benjamin Gu, founder and chairman of Daex, blockchain technology may just hold the answer to improved security standards of interconnectivity, data exchanges and permission control. Daex is a cryptocurrency clearing solution based on distributed ledger technology that serves as a bridge connecting exchanges, and a custodian of multiple assets for users.
Two basic security concerns related to energy and smart grids Smart grids rely on automation and remote access. And these bring with them security concerns that we are just now beginning to deal with.
The potential for individual or “enemy” governments to hack into these grids is real and has already occurred. The two security measures that must be in place are: Here are some early use cases that will illustrate vulnerabilities of smart grids and the promise of blockchain to prevent them. Read more from forbes.com…
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