Smart grids provide more efficient and reliable
electric grid systems through the incorporation of
digitization, communication of real time power line
sensed data, and control automations. At the same
time, renewable energy technologies, including solar
panels and wind turbines have become more efficient
and less expensive, and hence more economical,
resulting in more widespread deployment of
distributed energy resources (DERs) in both grid-tied
and isolated microgrid configurations. With the
further penetration of DERs, the power grid has
become more vulnerable to cyber-attacks through
these DERs. To counter this security risk to the grid,
new cyber security measures are being incorporated
into the grid control software to prevent any
unauthorized data manipulation through the
communication or the control network by
implementing firewalls and data validation
procedures.
With the emergence of microgrids, several
renewable energy trading and compensation methods
have been developed to create more income from the
renewable energy systems through trading excess
energy from DERs. One trading method that has
evolved is peer-to-peer (P3P) trading of energy
between prosumers within a microgrid. Blockchain
technology has emerged as one means of this P2P
energy trading due to the automated traceability and
immutability features it provides without a third party
to provide the trust element between traders.
Besides using Blockchain for P2P energy trading,
there are other significant applications and research
opportunities for leveraging the special attributes of
Blockchain technology in power grid systems. In
our studies, Internet Think Tank reviews these applications and potential
research opportunities.
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Blockchain as a disruptive technology holds the
potential to make a significant impact on the smart grid
system. In our research, several Blockchain-based
applications in smart grid systems such as cybersecurity, data management and energy trading are being studied. From a data management perspective,
data aggregation and management through Blockchain
can go smoother and be more trusted if implemented
with the proper data storage technology such as cloud
servers. In addition, Blockchain helps in managing
dynamic and abruptly changing data systems. The
primary application of Blockchain in smart grid
systems to date is peer-to-peer energy trading within
microgrids. Numerous experiments and researche studies
have proved that Blockchain is able to act as a trusted
autonomous electricity trading platform within
microgrids. Finally, Blockchain, as a technology, is in
its infancy and there is a significant opportunity for
improvement to contribute to achieve 100% resilient
grids of the future.
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