Blockchain-Based Cyber Security and Advanced Distribution in Smart Grid

Abstract

Blockchain commoditizes confidence in a step to grid flexibility and allows decentralized smart contracts to enforce auditable multiparty payments based on established standards among distributed power suppliers and customers. Smart contracts reduce the need to communicate with foreign entities, making it feasible for distributed energy trades and exchanges, including energy flows and financial activity, to be implemented and monetized. It might help decrease the cost of transactive energy and increase protection. This work provides how a renewable energy business is secure and how privacy and anonymity are given for such a system through blockchain implementation.