A Review on Blockchain Technology for Distribution of Energy

Abstract

The alternative energy generation sources have increased drastically from centralized systems to distributed systems which increases the stability of energy distribution management systems and reduces the distribution cost as well. On the other hand, it reduces the probability of major area electricity blackout chances and decreases the energy distribution loss. For proper distribution and management of energy, there are different types of advanced technologies like artificial intelligence, and the Internet of Things (IoT) available, but a blockchain automated system is one of the best choices and is highly recommended. Various aspects of blockchain technology and energy management system have been discussed in this review paper where a total number of 423 journal papers, articles, and online information sources have been reviewed in the initial stage, and finally, 63 published research articles have been selected for review. There are several topics, including technology overview in energy management systems, blockchain application of energy trading, blockchain technology implementation challenges, distributed energy management system with Ethereum, and a conclusion with some recommendations have been discussed. Blockchain and Distributed Ledger Technology (DLT) are highly transparent, authenticate, and secure systems that can be used for distributing the energy between distributor and consumer without an intermediator which increases the overall efficiency of the system. This paper aims to highlight the blockchain and distributed ledger technology and how it works as well as optimize the transaction processing cost among the participants of the consortium network. This paper will make a significant contribution to the new research work and in the field of energy management systems.