Incorporating blockchain and internet of thing: The context of renewable energy certificate on smart grid

Abstract

Blockchain and the Internet of Things (IoT) complements each other within the space of decentralization, real time monitoring, and data sharing and security. In this paper we explored the integration of blockchain and IoT within the context of smart grid. Current REC system lacks visibility and transparency which are very critical to the success of smart grids. Conventional smart grid system makes it difficult to proof whether a buyer has truly received an energy certificate or not. Therefore, we proposed a blockchain and IoT based system for autonomous monitoring of energy sources and tracking of RECs on smart grid. Our system provides the visibility and transparency on smart grid networks that is imperative to safeguarding RECs market. Results based on extensive experiments illustrate the efficiency and scalability of our system.