Study of blockchain based smart grid for energy optimization

Patil, Harshal; Sharma, Shilpa; Raja, Linesh

doi:10.1016/j.matpr.2020.11.013

Cited by 12 publications

(8 citation statements)

References 10 publications

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“…Future problems in the implementation of blockchain in the electricity sector were identified in the report. It was indicated in the work of the authors of [25] that the notion of the smart grid has been described as a futuristic vision of the conventional power structure by establishing the successful convergence of green infrastructure and renewable energy technologies. The IoT and wireless sensor networks (WSNs) have been combined.…”

Section: Resultsmentioning

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%

“…Blockchain technology protects energy buy and sell transactions through a peer-to-peer network, encouraging the creation of a decentralized energy sharing mechanism. [25] Comprehensive analysis of blockchain-based smart grid applications, summarized a number of related practical prototypes, experiments, and solutions.…”

Section: Reviewmentioning

confidence: 99%

Toward Blockchain Technology in the Energy Environment

et al. 2021

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“…• Most management solutions that combine blockchain and smart grids can realize effective demand response balance, entire system optimization, distributed storage management of resources, and overall market balance control [138].…”

Section: Discussionmentioning

confidence: 99%

When Blockchain Meets Smart Grids: A Comprehensive Survey

Guo¹,

Wan²,

Cheng³

2021

Preprint

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Recent years have witnessed an increasing interest in the blockchain technology, and many blockchainbased applications have been developed to take advantage of its decentralization, transparency, fault tolerance, and strong security. In the field of smart grids, a plethora of proposals have emerged to utilize blockchain for augmenting intelligent energy management, energy trading, security and privacy protection, microgrid management, and energy vehicles. Compared with traditional centralized approaches, blockchain-based solutions are able to exploit the advantages of blockchain to realize better functionality in smart grids. However, the blockchain technology itself has its disadvantages in low processing throughput and weak privacy protection. Therefore, it is of paramount importance to study how to integrate blockchain with smart grids in a more effective way so that the advantages of blockchain can be maximized and its disadvantages can be avoided.This article surveys the state-of-the-art solutions aiming to integrate the emergent blockchain technology with smart grids. The goal of this survey is to discuss the necessity of applying blockchain in different components of smart grids, identify the challenges encountered by current solutions, and highlight the frameworks and techniques used to integrate blockchain with smart grids. We also present thorough comparison studies among blockchain-based solutions for smart grids from different perspectives, with the aim to provide insights on integrating blockchain with smart grids for different smart grid management tasks. Finally, we list the current projects and initiatives demonstrating the current effort from the practice side. Additionally, we draw attention to open problems that have not yet been tackled by existing solutions, and point out possible future research directions.

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“…A blockchain network comprises several computing nodes, each of which utilises a consumer to validate and send transactions between network users while storing the most recent network update [12]. A decentralised consensus mechanism among nodes creates a time-stamped data block (containing these transactions) according to pre-set protocols.…”

Section: Blockchainmentioning

confidence: 99%

“…All blockchain network participants can see and observe the blocks at any time; however, blocks cannot be changed, ensuring the ecosystem's transparency [14]. Although blockchain was initially believed useful for digital currency applications, experts quickly realised that it might be useful for various segments of society, industry, and business, including the energy sector [12]. Adaptability allows its use in various energy systems such as peer-to-peer energy trading and asset management.…”

Section: Blockchainmentioning

confidence: 99%

Blockchain-Based Smart Renewable Energy: Review of Operational and Transactional Challenges

Nepal

Yuangyai

Gyawali³

et al. 2022

Energies

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Blockchain has peculiar characteristics among various digital technologies due to its decentralised and cryptographic properties. The combination of intelligent energy systems and blockchain can innovate new forms of transactive energy and navigate the digital journey to transform the future of renewable energy systems. This review studies various blockchain implementations in the smart energy domain and presents the findings on operational and transactional challenges in a blockchain-based smart renewable energy system. We also identify the differences between operations and transactions in smart energy systems. Furthermore, we identify the most pronounced cryptocurrencies in different studies. The findings highlighted various challenges concerning the implementation of blockchain-based smart energy systems. We identified how these challenges spawn across operational and transactional deliverables. Building on these findings, we discuss various challenges impacting the operational and transactional domains, which we believe have significant value for researchers, practitioners, policy makers, entrepreneurs, and start-ups. It will provide long-term benefits to humankind in fulfilling energy requirements, promoting sustainable energy use by developing countermeasures to combat identified challenges and leveraging the optimal use of blockchain technology.

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Study of blockchain based smart grid for energy optimization

Cited by 12 publications

References 10 publications

Toward Blockchain Technology in the Energy Environment

Toward Blockchain Technology in the Energy Environment

When Blockchain Meets Smart Grids: A Comprehensive Survey

Blockchain-Based Smart Renewable Energy: Review of Operational and Transactional Challenges

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