Reliable Smart Grid for Blockchain Technology Transactions

Abstract

One of the key advancements in the development of smart grids is the use of transactive energy, which utilizes distributed energy resources like smart grids Contributions In today’s industrial era, where technology is developing very quickly, it is essential to use electricity as needed to prevent loss, waste, and supply shortages "Smart Electric" or "Smart Grid" design is strongly advised in this situation The following advantages in terms of cost-effectiveness are anticipated: Large enough for even technical solutions to be taken into account. This will be implemented extensively by key electricity companies Utilizing transactive energy in a smart grid, however, introduces new security issues such unauthorized energy transfers Novelty This study proposes a Blockchain based smart contract architecture with fully decentralized capabilities for dependable and inexpensive transactive energy. The Blockchain, which has a high replication rate and provides stronger security against manipulation, is used to record energy transaction data These enhancements can be made via Blockchain technology Blockchain technology is confirmed as a promising option to raise the share of renewable energy after the development of renewable energy and how it interacts with Blockchain technology are examined. The various Blockchain applications in are then divided into various categories, including smart contracts and Demand Response (DR), Electric Vehicles (EV), the Internet of Things (IoT), decentralized energy management, energy trading, financial transactions, and cyber security testbeds, as well as environmental concerns The energy auction is run in accordance with transparent rules that are implemented as a smart contract, making it accessible to all parties Threats resulting from known smart meter vulnerabilities are decreased by temporarily limiting vulnerable prosumers’ access to smart meters and updating their devices as soon as security solutions are available.