Abstract
Intermittent distributed energy resources (DERs) add challenges to the modern power system network. On the other hand, information and communication technology (ICT) is changing traditional electricity grids into smart grids, which facilitates a decentralized system in which prosumers may participate in energy trading. Smart grids, DER integration, and network connectivity are adding complexity to the power system network day by day; Blockchain technology might be a great tool to manage the network’s operational complexity. The Blockchain provides for quicker, frictionless, secure, and transparent transactions. With the addition of smart contracts, it may be utilized to manage the expanding complexity of the contemporary power system. In this study, the authors focus on the scope, challenges, and potential future direction of Blockchain technology application in the power system. Blockchain has received interest and has been used for decentralized power system applications in recent years, but it is still young and has scalability, decentralization, and security concerns. This article discusses the interfaces and the possibilities that can assure trust, security, and transparency in decentralized power system applications and make a decentralized power system and power market possible.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: 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.