An approach for applying blockchain technology in centralized electricity markets

Aybar-Mejía, Miguel; Rosario-Weeks, Dinelson; Mariano-Hernández, Deyslen; Domínguez-Garabitos, Máximo A.

doi:10.1016/j.tej.2021.106918

Cited by 16 publications

(7 citation statements)

References 53 publications

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“…As blockchain technology is still in the phase of development and realization rather than in the phase of actual application and implementation, many of the reviewed articles were reviewing the current literature on the topic given. In [24], the study examined the more recent literature on the use of blockchain in the energy sector, as well as the shortcomings of the established research on the subject. Future problems in the implementation of blockchain in the electricity sector were identified in the report.…”

Section: Resultsmentioning

confidence: 99%

“…More laboratory environments are needed to completely comprehend how real-time measurement data from "Internet of Things (IoT)" sensors can be used directly. [24] Analyze blockchain studies in the electricity sector for flaws and, using a case study, suggest a method for using blockchain in centralized electricity markets.…”

Section: Smart Grid Electricity Tradingmentioning

confidence: 99%

“…This common issue requires an efficient solution in the form of a proper output power control. In the work by the authors of [24], a proportional and equitable blockchain and smart contract control scheme was proposed. The scheme involves the installation and assignment of the smart contracts to some voltage controllers.…”

Section: The Use Of Blockchain In Decentralized Storagementioning

confidence: 99%

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Toward Blockchain Technology in the Energy Environment

et al. 2021

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Energy management and exchange have increasingly shifted from concentrated to hierarchical modes. Numerous issues have arisen in the decentralized energy sector, including the storage of customer data and the need to ensure data integrity, fairness, and accountability in the transaction phase. The problem is that in the field of the innovative technology of blockchain and its applications, with the energy sector still in the developmental stages, there is still a need for more research to understand the full capacity of the technology in the field. The main aim of this work was to investigate the state of the current research of blockchain technologies as well as their application within the field of energy. This work also set out to identify certain research gaps and provide a set of recommendations for future directions. Among these research gaps is the application of blockchain in decentralized storage, the integration of blockchain with artificial intelligence, and security and privacy concerns, which have not received much attention despite their importance. An analysis of fifty-seven carefully reviewed studies revealed that the emerging blockchain which provides privacy-protection technologies in cryptography and other areas that can be integrated to address users’ privacy concerns is another aspect that needs further investigation. Grid operations, economies, and customers will all learn from blockchain technology as it provides disintermediation, confidentiality, and tamper-proof transfers. Moreover, it provides innovative ways for customers and small solar generators to participate more actively in the electricity sector and to benefit from their properties. Blockchains are a rapidly evolving field of research and growth. A study of this emerging technology is necessary to increase comprehension, to educate the body of expertise on blockchains, and to realize its potential. This study recommends that future work investigates the potential application of blockchain in the energy sector as well as the challenges that face its implementation from the perspective of policy makers. This future approach will enable researchers to direct their focus to the case studies approach, which will facilitate and ease the application of blockchain technology.

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Section: Resultsmentioning

confidence: 99%

Section: Smart Grid Electricity Tradingmentioning

confidence: 99%

Section: The Use Of Blockchain In Decentralized Storagementioning

confidence: 99%

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Toward Blockchain Technology in the Energy Environment

et al. 2021

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“…To start, ref. [76] proposed an approach for using blockchain on the Dominican Republic's electricity market, referred to as the main step in empowering automatic management of economic transfers with funds authenticating and supplier's guarantee. The approach presents an economic and energy blockchain-based flow to decentralize the current flows that involve total control through banking operations.…”

Section: A Panoramic Overview Of Blockchain For Mgmentioning

confidence: 99%

Blockchain-Enabled Smart Grid Applications: Architecture, Challenges, and Solutions

et al. 2022

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The conventional electrical grid is undergoing substantial growth for reliable grid operation and for more efficient and sustainable energy use. The traditional grid is now metamorphosing into a smart grid (SG) that incorporates a diverse, heterogeneous blend of operating measures such as smart appliances, meters, and renewable energy resources. With better efficient results and dependability, the SG can be described as a modern electric power grid architecture. The SG is one of the greatest potential advances as a promising solution for the energy crisis. However, it is complex and its decentralization could be of tremendous benefit. Moreover, digitalization and integration of a large number of growing connections make it a target of cyber-attacks. In this sense, blockchain is a promising SG paradigm solution that offers several excellent features. There has been considerable effort put into using blockchains in the smart grid for its decentralization and enhanced cybersecurity; however, it has not been thoroughly studied in both application and architectural perspectives. An in-depth study was conducted on blockchain-enabled SG applications. Blockchain architectures for various applications, such as the synchrophasor applications, electric vehicles, energy management systems, etc., were proposed. The purpose of this article is to provide directions for future research efforts aimed at secure and decentralized SG applications using blockchain.

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“…Therefore, precise legal definitions as well as well-defined regulatory and institutional frameworks are needed to mitigate the level of uncertainty associated with blockchain in this task. Thus, new types of agreements, market mechanisms, institutions, and policies must be introduced, in order to support DER integration and management including all stakeholders [231], which are currently heavily restricted due to the high risks that this technology can still represent [232]. In this way, although blockchain technology has shown great value in managing and integrating DER into the network (i.e., microgrids, electric vehicle management, among others) there is still great resistance to the adoption at regulatory level of this type of technology on a large scale.…”

Section: Policy Supportmentioning

confidence: 99%

Blockchain for Distributed Energy Resources Management and Integration

et al. 2022

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Power grids all over the world are transitioning towards a decentralized structure. Under such a transition, blockchain technology is emerging as a potential solution for technical, deployment and decentralization issues, given its security, integrity, decentralized nature and required infrastructure. Moreover, blockchain technology offers excellent features like non-repudiation and immutability which makes it a promising application for DER integration and management on reliability factors. In this paper, a comprehensive review of blockchain applications for DER management and integration is presented. First, a blockchain-based literature review of research activities in the DER integration area and related tasks including entrepreneurial efforts is carried out. Next, the different opportunities and challenges of DER integration and management in power grids, i.e., centralization, regulatory support, development costs are discussed. Finally, some key research challenges and opportunities of including blockchain technology to DER integration and management issues are presented.INDEX TERMS Blockchain, Distributed energy resources (DER), Distributed ledger technologies, Consensus algorithms.

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An approach for applying blockchain technology in centralized electricity markets

Cited by 16 publications

References 53 publications

Toward Blockchain Technology in the Energy Environment

Toward Blockchain Technology in the Energy Environment

Blockchain-Enabled Smart Grid Applications: Architecture, Challenges, and Solutions

Blockchain for Distributed Energy Resources Management and Integration

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