Application and Research of Blockchain Technology in Electric Power Industry

Abstract

With the successful application of Bitcoin, the underlying blockchain technology has been attracted the attention by more and more scholars, financial institutions and commercial companies. Blockchain technology integrates some key technologies such as finance, cryptography, computer science, and game theory, and builds a distributed record system that is decentralized, mutually trusted, and tamper-proof. This paper demonstrates the basic principles and features of blockchain, then analyzes the key technologies and characteristics of blockchain technology including asymmetric encryption, P2P, consensus mechanisms, smart contracts. In the last part of the paper, the author summarizes the potential application scenarios to blockchain and focuses on applications of the blockchain technology in the power industry.