Abstract
As smart grids advance rapidly, they are evolving along two primary trajectories: (1) digitalization through the incorporation of Internet of Things (IoT) technology and intelligent control, and (2) decentralization by leveraging small-scale distributed energy sources for control. However, these developments also introduce complexities in the functioning, management, and control of smart grids. Consequently, there is an urgent need for a transparent, secure, robust, transactive, and scalable framework for all stakeholders and operators. Blockchain technology emerges as a promising solution for this new smart grid paradigm, providing a range of features, including a distributed ledger, immutability, consensus, security, and automation. This article highlights the challenges in smart grid management, control, and operations, and discusses the potential of blockchain-based solutions to address these issues. It demonstrates that the adoption of blockchain can significantly enhance the overall functioning of the infrastructure by establishing a decentralized architecture without central governance.
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