PALO ALTO, Calif., June 11, 2019 (GLOBE NEWSWIRE) -- The U.S. Department of Energy (DOE) has awarded Xage Security with a grant to support the further enhancement and demonstration of the applicability of its blockchain-protected security fabric for infrastructure protection. This federally funded project will show how blockchain can be used to secure applications, as well as legacy and future devices deployed within utility networks, to protect the nation’s power grid.
Xage has been granted five patents to-date for its innovative cybersecurity architecture (additional patents pending) layering blockchain and consensus-based technologies including Shamir’s Secret Sharing to distribute authentication and private data across a network of devices. Xage’s proposal to establish secure identity and access control of the grid’s assets was selected by the National Office of Electricity and featured as the chosen grant example for the Electricity industry in the DOE’s recent Research and Development Grants announcement. The demonstrations of the scalability and applicability of Xage’s Security Fabric for the DOE are beginning immediately.
“Greater opportunities to enhance science and technology research and development strengthen the economic security for our entire country,” said U.S. Secretary of Energy Rick Perry. Funded through the DOE’s SBIR innovation program, Xage’s project will further demonstrate the benefits of applying blockchain within a decentralized security model and help realize the implications for innovation within the U.S. electrical grid and infrastructure.
In recent years, many existing devices in utility networks have been connected with newer technologies in the field––introducing both benefits and security risks, as modern “Internet of Things” techniques are mixed with legacy systems that often lack access control security, such as passwords and managed identities. While the opening up grid platforms facilitates the adoption of clean energy and can enhance resiliency and reliability, it also increases cyber risks for both individual devices and larger networks.
“We need to reimagine and redesign industrial security to meet the needs of today’s interoperable legacy and modern systems––especially when the systems at risk are those comprising the nation’s energy infrastructure,” said Xage CEO Duncan Greatwood. “Blockchain has an ability to establish consensus across decentralized networks, and at the great scale that the U.S. electrical grid requires. We are looking forward to working with the DOE to help fortify the grid and its operations and development utilizing a blockchain-protected cybersecurity platform.”
About Xage
The Xage Security Fabric is the universal security solution for modern industrial operations, creating the essential trusted foundation for every interaction, whether human-to-machine, machine-to-machine, or edge-to-cloud. The fabric protects all equipment, from new IoT devices to vulnerable legacy systems, delivering identity management, single sign-on, and access control with in-field enforcement across the industrial operation. Xage is the first and only blockchain-protected security solution providing tamperproof, non-intrusive protection and enabling efficient operations and innovation across all industries. Xage customers include leaders in manufacturing, energy, utilities, and transportation.
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