Abstract
The conventional power system has been confronted stunning revolutions in all main system components, and the architecture has changed entirely thanks to integrated technological innovations from top to bottom. Renewable energy sources (RESs) have been harnessed substantially in generation side since last decade in a distributed manner and prosumers (consumers also with on-site production facilities) have obtained an opportunity to participate energy market to enhance system operational performance. Within the smart grid paradigm, the future communities have supported intelligent infrastructures to provide communication between countless clusters of end users and system operators with incorporating demand response (DR) strategies into the power system management tools. The flexibility resources aid to achieve power quality requirements and to regulate voltage/frequency fluctuations that are one of the most challenging issues. However, the processing of huge amount of data, end-users’ privacy, and secure and transparent operation needs enforce utility decision-makers to develop new approaches that play a critical role. In this sense, blockchain, the brand-new buzzword, is essentially a distributed ledger technology that records all transactions of values, digital assets, and funds between two unrelated participants without trusting any central authority that sounds tremendously strange, innovative, and creative. The highly reliable and distributed structure has been provided by executing particular cryptographic algorithms and protocols. The verification of each transaction has been ensured by consensus of a majority of the participants in the network. In this study the emerging blockchain technology was evaluated from different points of view. The architecture, opportunities, drawbacks, and application fields were all presented in detail. What’s more the potential opportunities of combined DR strategies with blockchain in real-world pilot projects were examined thoroughly.
Sign-in/Register to access full text options 
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.
