Transforming grid system and energy market using blockchain technology

Abstract: The conventional grid and power grid infrastructure is monitored employing a centralized approach. Whereas remote terminal units are ruled using a master control facility. In the wake of dispersed generations where every consumer is additionally becoming a producer with solar powered PV panels or wind, managing power is becoming a difficult task. This situation can become unmanageable in an event of cyber-attack on a smart grid. In this paper, we develop a way of using blockchain technology to share transaction information among different power grids in a secure, controlled, monitored, and efficient manner. The biggest concern regarding the data is integrity. By leveraging blockchain technology, the info are going to be reliable and resilient to attacks, like man-in-the-middle and data spoofing attacks. The Blockchain implementation provides a permissioned network in which power grids will act as nodes that maintain ledger information. By employing a distributed ledger to validate transactions though the method of consensus, the system can share information during a manner that's safer and transparent than traditional information. The additional layers of security and speed that Blockchain technology provide help to prevent issues, such as power grid failures, that could stem from the latency or integrity.

Keywords: Smart grid, Block chain, power system protection, data security, Cyberattacks, Smart contract, Power distribution.