Networked Microgrid Security and Privacy Enhancement By the Blockchain-enabled Internet of Things Approach

Abstract

This paper proposes a novel framework for privacy and security enhancement of power trading in the networked microgrids (MGs) based on the blockchain-enabled Internet of Things (IoT) approach. Utilizing the blockchain-enabled IoT technology in the power trading of the network MGs can potentially lead to some significant advantages such as fewer system risks, mitigate financial fraud, and less the operational cost. A newly stochastic framework based on the unscented transform (UT) is employed to model the uncertainties of renewable energy resources and hourly load demand. Consequently, the proposed framework is tested on the network MG containing residential MG (as a non-crucial load), commercial MG (as an intermediate level load), and hospital MG (as a crucial load), to validate the effectiveness and high performance of the proposed technique.