Applications of Blockchain Technology in Smart Microgrids

The present electrical power system is centralized and provides one-way communication from producer to consumer. However, a centralized perspective in this regard is not competent in directing distinctive problems like reliability, seclusion, system transactions, etc., due to the interaction's difficulty, restrictions, and dynamism. The above concerned problems can be overcome by introducing blockchain technology in the power systems. To notice the power system's true capability, a disseminated per view that takes into consideration of these attributes is needed. With the increasing local energy generation from renewable energy sources, the decentralized peer-peer local energy market is becoming popular. Of late, blockchain-based answers have been put forward to directing power system problems by enhancing its security.