Publication

Abstract : Modern power systems encounter many challenges, including an ever-increasing load demand, the significant growth of clean energy with distributed energy resources, the ability to adapt to massive Internet of Things (IoT) devices, the emergence of cyber-physical security threats, and the primary goal of system stability and reliability. These obstacles place a premium on developing modern technology and efficient methods to ensure the electrical system's security and reliability. However, the application of Blockchain technology in the electricity systems sector seems to be relatively unexplored. Additionally, the connection to the physical asset complicates the Blockchain application but also makes it more dependable and associated with quantifiable benefits. The energy market is the most commonly used application in the power systems field. As Blockchain technology is applied to the sector of energy, the phrase “energy Blockchain” is used. The goal of this chapter is to provide a broad perspective on the application of Blockchain technology in the field of power systems by elucidating a few technical details of this ground-breaking technology, its attributes and implementations thus far established, and concentrating on the future of emerging concepts in the electrical power industry. The chapter also discusses a wide range of use cases, such as growing peer-to-peer (P2P) energy trading and IoT applications, as well as decentralized markets.