Review on Energy Application Using Blockchain Technology With an Introductions in the Pricing Infrastructure

Abstract

With the rapid transformation of the energy sector towards modern power systems represented by smart grids (SGs), microgrids (MG), and distributed generation, blockchain (BC) technology has shown the capability for solving security, privacy, and reliability challenges that hinder progress. Currently, the energy structure is forming a decentralized system that prioritizes customer satisfaction. BC technology undertakes power network stockholders in a secure energy market, transparent transactions, and fair competition and offers promising energy solutions. This paper is a comprehensive review of energy applications using BC integration. Firstly, we introduce the drivers of BC leverage that make it a potentially important component of the power network. Following that, we provide background information on BC and its application in areas other than the energy sector. Subsequently, we discuss studies and sort potential energy applications from various recent papers and surveys that have already adopted BC technology in the energy sector. Then, we summarize the pricing infrastructure for applying BC in the energy sector and identify the requirements to build it. Finally, energy security and privacy challenges based on BC are highlighted, along with potential drawbacks and concerns related to the pricing infrastructure.

Blockchain technology in the renewable energy sector: A co-word analysis of academic discourse

“…Lastly, 'Artificial Intelligence (AI)', with 5 references, is gaining traction at the intersection of blockchain in the energy sector. As detailed in the literature [ 100 , 176 ], AI and blockchain together are spearheading the development of intelligent energy management systems. These systems aim to optimize renewable energy distribution and consumption, marking a significant advancement in energy management.…”

“…Finally, the secure recording of all business activities in the energy industry is a critical feature of blockchain. Its security features ensure that all transactions and operational data are recorded securely and immutably, which enhances transparency and trust among all stakeholders [ 22 , 100 , 101 ].…”

AI explainability and governance in smart energy systems: A review

“…The work has identified a range of specific and broad challenges including resource allocation in wireless sensor networks with multiple UAVs (Seid et al, 2021;, governance of AI in power-related general-purpose technologies (Niet et al, 2021;Przhedetsky, 2021;Nitzberg and Zysman, 2022), fault detection, fault diagnosis, and anomaly detection in smart energy systems (Sun et al, 2021;Badr et al, 2022), edge computing for detecting power demand attacks (Alagumalai et al, 2022;Haseeb et al, 2022;Zhu et al, 2022), blockchain-based reliability and security (Al-Abri et al, 2022;Jose et al, 2022), governance of energy markets and energy pipeline systems (Belinsky and Afanasev, 2021;Serna Torre and Hidalgo-Gonzalez, 2022;Sun et al, 2022), forecasting short-term energy demand (Xie et al, 2021;Gürses-Tran et al, 2022), energy trading using federated learning in smart cities (Bracco et al, 2022), energysaving edge AI applications (Khosrojerdi et al, 2022), performance optimization and stability of smart grid operations and nuclear power systems (Luo et al, 2021;Volodin and Tolokonskij, 2022), and others. All these areas are candidates for future research.…”

“…It captures various dimensions of "Blockchain," including the management of electricity demand in smart grids using blockchain as a trustworthy platform (Jose et al, 2022), accountability and fairness in the energy environment using blockchain (Baashar et al, 2021), and using trustworthy blockchain-based federated learning to fight malicious devices with significant efficacy and low energy demand (Yang et al, 2022). Further dimensions include reliable, fair, and secure solutions for energy applications using blockchain (Al-Abri et al, 2022), providing data privacy and fairness via the use of blockchain and AI-powered IoT for energy management and power trading (Lin et al, 2022), a blockchain-based framework for privacy and security in energy networks, and attack detection.…”

Enhancing Smart Grid Cybersecurity: A Comprehensive Analysis of Attacks, Defenses, and Innovative AI-Blockchain Solutions

“…This issue might jeopardize security. In this case, patching vulnerability often entails upgrading the code, but it's also possible that the specification will need to be changed or scrapped entirely" [58]. The highly complex systems that make up SGs are built using operational technology, information technology, and physical networks.…”