Blockchain Technology in Modern Power Systems: A Systematic Review

Abstract

Blockchain is a distributed decentralized peer-to-peer network, which is used for sharing data across a large number of entities in a trusted and secure way. Blockchain utilizes different mechanisms, such as hash functions, consensus algorithms, etc., for data verification and validation. In modern power systems, blockchain technology is used for balancing supply and demand, contributing to the demand-side management programs, and mainly, transitioning consumers to prosumers to trade electricity and reduce operational costs. This article aims at providing an in-depth discussion on energy transition and digitalization in power systems and investigating the role of blockchain technology in modern power systems. In addition, opportunities, challenges, and limitations of blockchain technology in modern power systems are discussed.