Development of novel cryptocurrencies for IoT-blockchain-enabled smart grid platforms

Abstract

The concept of the Internet of Things (IoT)-blockchain-enabled smart grid has been introduced as a current vision of the usual power grid to solve a systematic way of incorporating renewable and green energy technologies. To secure energy from anywhere at any time, there is an approach called energy internet (EI), where the smart grid is connected through the internet an innovative and emerging technology. The main goal of this approach is to improve the energy sector more efficient and available to improve the environmental and economic conditions of our society. There are many challenging issues in the existing centralized energy grid system like coordinating and integrating a huge number of growing grid connections. Accordingly, the IoT-blockchain-enabled smart grid is going through an alteration from a centralized topology to a decentralized topology. Precisely, more development has been introduced as cryptocurrency initiatives are emerging in trials of products and projects. Furthermore, the IoT-blockchain-based model has a few excellent features which cause a favorable application for the smart grid model. Here we aim to provide an IoT-blockchain-based platform for smart grid and identified some significant security issues of smart grid scenarios.