Status, Challenges and Future Directions of Blockchain Technology in Power System: A State of Art Review

Tanus Bikram Malla, Abhinav Bhattarai, Amrit Parajuli, Ashish Shrestha (), Bhupendra Bimal Chhetri and Kamal Chapagain ()
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Tanus Bikram Malla: Department of Electrical and Electronics Engineering, Kathmandu University, Dhulikhel 45200, Nepal
Abhinav Bhattarai: Department of Electrical and Electronics Engineering, Kathmandu University, Dhulikhel 45200, Nepal
Amrit Parajuli: Department of Electrical and Electronics Engineering, Kathmandu University, Dhulikhel 45200, Nepal
Ashish Shrestha: Department of Electrical Engineering, Information Technology and Cybernetics, University of South-Eastern Norway, N-3918 Porsgrunn, Norway
Bhupendra Bimal Chhetri: Department of Electrical and Electronics Engineering, Kathmandu University, Dhulikhel 45200, Nepal
Kamal Chapagain: Department of Electrical and Electronics Engineering, Kathmandu University, Dhulikhel 45200, Nepal

Energies, 2022, vol. 15, issue 22, 1-26

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.

Keywords: Blockchain; cryptography; consortium; Digital Ledger Technology; distributed energy resources (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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