Improving the Digital Security of Smart Energy Systems with Smart Contracts

Abstract

Smart grids are evolving towards intelligent electricity grid where the operation of systems is distributed and automatised. Technical solutions to achieve these future needs are proposed using blockchain with smart contracts in many studies, where smart contracts enhance automation. Fundamentally smart contracts will increase security because of their distributed nature and since it inherits the security of blockchain. However, smart contracts are software components, which have special features like the unstoppable nature of applications and may use special languages like Solidity. Our aim in this paper is to get a holistic review in the smart contract life cycle, what potential new vulnerabilities and threats will they introduce and how can they be prevented, and what smart contract specific issues programmers should focus on. We also propose a future direction to achieve more secure smart contracts in smart energy systems.