A Novel Blockchain Based Approach to Exchanging Information and Data in Power Systems

Abstract

Exchanging information and data using cloud computing in power systems is now becoming a common practice. However, there are still many challenges such as data security, interoperability, and scalability that need to be considered. In this paper, the authors have exploited blockchain technology to enhance data security. A blockchain based approach is developed to exchange information and data in power systems. This approach enables users to exchange information and data without losing ownership or control of the data. The proposed approach provides the solutions to three important problems: scalability, data ownership, and interoperability between different stakeholders within power systems. The case studies evaluate the effectiveness of the proposed novel approach with regard to enhancing information and data exchange. The paper specifically examines enhanced performance concerning scalability, latency, and computation time.