A Review of Blockchain-based Smart Grid: Applications,Opportunities, and Future Directions (2002.05650v3)

Abstract: The Smart Grid (SG) concept presented an unprecedented opportunity to move the energy sector to more availability, reliability, and efficiency to improve our economic and environmental conditions. Renewable energy sources (Solar & Wind) are such technologies that are used in the smart grid to figure out the environmental and economic issues and challenges. Smart grids provide energy in different crowded sectors with the efficient and timely transmission of electricity. But the traditional power grids follow a centralized approach for energy transactions with a large number of growing connections and become more challenging to handle power disturbance in the grid. Blockchain as a decentralized and distributed technology provides promising applications in the smart grid infrastructure with its excellent and salient features. In this paper, we provide a concise review of blockchain architecture, concepts, and applications in smart grids. Different potential opportunities for blockchain technology with smart grids are also discussed. Some future directions concluded the paper.