Applications of Blockchain Technology in Modern Power Systems: A Brief Survey

Abstract

In the context of modern power system development to support the evolution towards green energy and carbon-neutral emission goals, many existing problems and even challenges demand new technical solutions. In recent years, decentralized blockchain technology has been employed to address some problems in power systems, and many papers have been published. In this paper, the concept of blockchain is first introduced. A brief survey of the existing publications regarding the applications of blockchain in power systems, including power system dispatching, microgrid operation, energy trading, electricity trading settlement, transmission, and distribution system operation, is then carried out. In addition, several application scenarios of blockchain technology in power systems are also introduced. Through the discussion, we found that we still need to weigh the advantages and disadvantages, overcome its leakage, and bring its value into play if we apply blockchain technology in modern power systems in support of zero carbon goals.

Trading excess consumption certificates on the blockchain using the cooperative game theory

“…(2022), Wang et al . (2022a, b), Roth et al . (2022), Albalawi and Almaiah (2022) and are recommended to be examined.…”

“…Ashfaq et al (2022) propose a distributed renewable energy transaction authentication mechanism based on consortium chain, which solves the regulatory problems of electricity institutions. Wang et al (2022b) propose a decentralized distributed energy transaction mechanism based on blockchain smart contract technology, which includes auditing, bidding, clearing and settlement. It realizes P2P energy transaction among prosumers.…”

“…Excess consumption certificates (ECCs) are a way to manage our consumption and reduce waste. However, ECCs are not easy to trade and manage in traditional markets, which creates a challenge for their widespread use (Wang et al ., 2022a, b).…”

Social Disadvantages of Ease of Transactions Using Blockchain

“…According to Wang et al (2022a) The utilization of blockchain technology has the potential to enhance the ease and security of financial transactions; however, it also presents certain social disadvantages, as noted A possible limitation is that individuals who possess the financial means to invest in and become proficient in the technology will possess a discernible economic edge over those who lack such resources (Teisserenc & Sepasgozar, 2021a). Certain blockchain systems are susceptible to exploitation for illicit activities such as money laundering and fraudulent behavior due to inadequate oversight and transparency measures.…”

“…In summary, it is necessary to evaluate the potential drawbacks of blockchain technology's optimized transactions in light of its social benefits, as suggested by Wang et al (2022b). The objective of this study is to evaluate the prospective societal expenses associated with the enhancement of transaction efficiency through blockchain technology.…”