Smart Grid Applications and Blockchain Technology in the AI Era
Keywords:smart grid, Blockchain Technology, Decentralization, Distributed Energy Resources (DERs), Energy Trading
AbstractThe integration of Smart Grid Applications and Blockchain Technology has emerged as a potential solution to enhance energy management's efficiency, security, and transparency in the energy industry. Smart Grid Applications utilize advanced technologies to optimize the generation, distribution, and consumption of electricity, while Blockchain Technology offers a decentralized and distributed ledger system that can facilitate secure and transparent transactions. This review paper analyses the existing literature on Smart Grid Applications and Blockchain Technology to identify the potential benefits and challenges associated with their integration in the energy industry. The key benefits of this integration include the ability to facilitate secure and transparent transactions, enable peer-to-peer energy trading, and support the integration of various Distributed Energy Resources (DERs) into the grid. However, challenges associated with the lack of standardization, interoperability issues, and scalability concerns associated with blockchain technology need to be addressed. The successful implementation of Smart Grid Applications and Blockchain Technology in the energy industry will require collaboration between industry stakeholders, regulators, policymakers, and standard-setting organizations. Future research is needed to explore the potential of these technologies in addressing specific energy management challenges. The findings of this review suggest that integrating Smart Grid Applications and Blockchain Technology can transform the energy industry and create new opportunities for innovation.