US Senate Committee to examine energy efficiency of blockchain

The Committee on Energy and Natural Resources will also consider the cybersecurity possibilities of blockchain technology for energy industry applications

What has happened?

The US Senate is to consider the energy efficiency of blockchain and similar technologies next week.

What does this mean?

According to an announcement on its website, the Committee on Energy and Natural Resources will host a hearing on 21 August in Washington DC to examine whether blockchain technology might affect electricity prices and what benefits it can provide.

"The purpose of the hearing is to consider the energy efficiency of blockchain and similar technologies and the cybersecurity possibilities of such technologies for energy industry applications," the announcement said.

Specifically, the hearing will ask whether we should "expect electricity prices to increase from rising electricity demand in blockchain applications?".

The hearing will also ask whether blockchain and similar technologies will improve the cybersecurity of computing systems used to supply energy.

The hearing will be webcast live on the committee’s website and a video will be available afterwards.

Next steps

If you want to take advantage of blockchain's huge potential and disruptive impact, while avoiding falling foul of ever-developing regulatory and legal requirements, visit our Hogan Lovells Engage Blockchain Toolkit.

Contacts
Gregory Lisa
Partner
Washington D.C.
Keywords Cyber Security
Languages English
Topics Blockchain
Countries United States

 

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