The U.S. Department of Homeland Security (DHS) reports that cyber attacks on the electric grid system are increasing in both frequency and sophistication. The most damaging kind of attack, specialists say, would be carefully coordinated to strike multiple power stations. If hackers were to knock out 100 strategically chosen generators in the Northeast, for example, the damaged power grid would quickly overload, causing a cascade of secondary outages across multiple states. While some areas could recover quickly, others might be without power for weeks. The specter of a catastrophic attack on the electrical grid looms large for utilities and the federal government.
ChainMind’s solution is highly disruptive, leveraging the most secure cryptographic technology platform available to protect the Power Grid infrastructure of today’s domestic electric utilities.
Provides a peer-to-peer distributed ledger forged by consensus, combined with a system for “intelligent contracts” powered by state of the art machine learning and other assistive technologies. Together these can be used to build a new generation of transactional applications that establishes trust, accountability and transparency at their core, while streamlining business processes and legal constraints.
Support collaboration among IOUs. ChainMind’s Fabric is a 3.0 Distributed Ledger technology that address the limitations of prior distributed ledger technologies based on Blockchain.
ChainMind protects the largest, most prominent domestic electric utilities secure their power grid from the point of generation to the associated substations. Protecting our country’s electrical infrastructure or power grid from cyber-attacks is a top priority for the current federal government administration as highlighted from the recent executive order on cyber-security released in May of 2017. ChainMind’s position is that most of the innovation in cyber-security actually takes place in small, private cyber-security startups. Utilities today relies mostly on large, established cyber-security vendors and integrators, many of which do not sell state-of-the-art innovative solutions. Buying yesterday’s solution to defend against tomorrow’s challenges and threats is a waste of time and money and does not make us more secure.
Patrick Hogan: Successful entrepreneur with $350 millon in exits and Founder of Netfish Technologies. Former JD Edwards with roles in Symantec, Verisign, Intuit, and Cisco focusing on cyber-security technology.
Russell Proudman: Russell Proudman brings more than 25 years of experience in cyber-security software development including UK National Grid, Pump Storage Power, Foundstone and FireEye .