Abstract
Blockchain is a distributed decentralized peer-to-peer network, which is used for sharing data across a large number of entities in a trusted and secure way. Blockchain utilizes different mechanisms, such as hash functions, consensus algorithms, etc., for data verification and validation. In modern power systems, blockchain technology is used for balancing supply and demand, contributing to the demand-side management programs, and mainly, transitioning consumers to prosumers to trade electricity and reduce operational costs. This article aims at providing an in-depth discussion on energy transition and digitalization in power systems and investigating the role of blockchain technology in modern power systems. In addition, opportunities, challenges, and limitations of blockchain technology in modern power systems are discussed.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
