Energy Informatics Using the Distributed Ledger Technology and Advanced Data Analytics

Abstract

The main drivers of the third industrial revolution era were the internet technologies and rise of renewable and distributed energy technologies. Transition to green and decentralized energy resources and digital transformation of the existing industrial infrastructure had been the biggest achievements of the third industrial revolution. The main drivers of the fourth era will be artificial intelligence (AI), quantum computing, advanced biotechnology, internet of things, additive manufacturing, and most importantly, distributed ledger technology (DLT). Energy forecasting such as wind and solar power forecasting models are the most common energy AI-based informatics applications in the energy sector. In addition, use of DLT is expected to be an industrial standard in various industrial sectors including energy business in the coming decade. This chapter emphasizes description of energy forecasting using AI and energy DLT and future developments and solutions to overcome challenges that are associated with standardization of the energy DLT applications.