On the 11th of June, the U.S. Department of Energy (DOE) awarded tech firm
Xage Security with a research and development grant. The federal grant will fund Xage’s work in securing networks using distributed ledger technology (DLT), which includes demonstrating how the U.S. power grid could be protected with blockchain.
California based Xage announced its
Series A funding round last year, raising $12 million from the likes of G.E. Ventures. The firm’s key product is Xage Security Fabric, released late 2017, a DLT based security system which uses the naturally immutable structure of blockchain to detect cybercrimes.
Xage has already been granted five patents for this innovation and boasts clients such as ABB and Dell. Yesterday’s announcement shows the firm has also impressed the DOE with its proposal to use its Fabric for the power grid.
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