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

Author

Listed:
  • 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)

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.

Suggested Citation

  • Tanus Bikram Malla & Abhinav Bhattarai & Amrit Parajuli & Ashish Shrestha & Bhupendra Bimal Chhetri & Kamal Chapagain, 2022. "Status, Challenges and Future Directions of Blockchain Technology in Power System: A State of Art Review," Energies, MDPI, vol. 15(22), pages 1-26, November.
    • Handle: RePEc:gam:jeners:v:15:y:2022:i:22:p:8571-:d:974350
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    References listed on IDEAS

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    Cited by:

    1. Vitor Monteiro & Joao L. Afonso, 2023. "The Future of Electrical Power Grids: A Direction Rooted in Power Electronics," Energies, MDPI, vol. 16(13), pages 1-10, June.
    2. Hani Alshahrani & Noman Islam & Darakhshan Syed & Adel Sulaiman & Mana Saleh Al Reshan & Khairan Rajab & Asadullah Shaikh & Jaweed Shuja-Uddin & Aadar Soomro, 2023. "Sustainability in Blockchain: A Systematic Literature Review on Scalability and Power Consumption Issues," Energies, MDPI, vol. 16(3), pages 1-24, February.
    3. Wenbing Zhao & Quan Qi & Jiong Zhou & Xiong Luo, 2023. "Blockchain-Based Applications for Smart Grids: An Umbrella Review," Energies, MDPI, vol. 16(17), pages 1-35, August.

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