US Senators Discussed Cryptocurrency Sector
Members of the US Senate Committee on Energy and Natural Resources discussed the cost of mining of digital assets and the possibility of using blockchain technology in the public sector. During the hearings held in the Capitol, representatives of public and private sectors took part. For legislators, the session was a kind of informational field, as not all of them are well acquainted with the technology of the blockchain.
Unlike previous similar hearings held in Cogress, which often ended with harsh statements regarding the technology of blockchain and cryptocurrency, this time, the senators showed interest in the technology and the possibility of its use on various projects.
Robert Kahn, CEO and President of the Corporation of National Research Initiatives, was also speaking. In addition, Paul Scare, the chief cybersecurity specialist and technical manager of the group of technological innovations at the Research Institute of Electric Power Engineering, had a word. Also during the presentation, Claire Henley, representing the Energy Web Foundation and Arvind Narayanan, who is a professor of computer science at Princeton University, made a presentation.
Senator Lisa Murkowski from Alaska noted that the meeting will consider all the advantages that the cyber security sector has, as well as the technology of blockchain that is applicable in the energy infrastructure.
The meeting raised the issue of energy needs of digital asset managers. So, the main idea was that the process of mining a cryptocurrency requires a lot of energy. According to preliminary calculations, mining can take up to five gigawatts of energy around the world. It was also noted that the growing demand for cryptocurrency mining centres can cause problems for utilities providers.
During the hearings, the question was raised of how the technology of blockchain can be used in the energy sector, including tracking energy supplies, inspecting security protocols and sharing other existing technologies.
In addition, the senators sought to clarify the various aspects of the elements of this technology. For example, Senator Catherine Cortez Masto asked a question related to the confidentiality of transactions. In turn, Senator Bill Cassidy was interested in the specific needs of the government of the United States of America. His question was whether it was technically feasible to develop a private blockchain for the federal government that would track all transactions. It was confirmed that the implementation of such a project is possible. However, it requires participation in the development of specialists from other countries.