Proposed framework for blockchain technology in a decentralised energy network

Abstract

AbstractThe integration of distributed renewable energy sources into the conventional power grid has become a hot research topic, all part of attempts to reduce greenhouse gas emission. There are many distributed renewable energy sources available and the network participants in energy delivery have also increased. This makes the management of the new power grid with integrated distributed renewable energy sources extremely complex. Applying the technical advantages of blockchain technology to this complex system to manage peer-to-peer energy sharing, transmission, data storage and build smart contracts between network participants can develop an optimal consensus mechanism within the new power grid. This paper proposes a new framework for the application of blockchain in a decentralised energy network. The microgrid is assumed to be private and managed by local prosumers. An overview description of the proposed model and a case study are presented in the paper.