IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v15y2022i13p4516-d844364.html
   My bibliography  Save this article

Applications of Blockchain Technology in Modern Power Systems: A Brief Survey

Author

Listed:
  • Xiuli Wang

    (School of Electric Power, Civil Engineering and Architecture, Shanxi University, Taiyuan 030013, China)

  • Fang Yao

    (School of Electric Power, Civil Engineering and Architecture, Shanxi University, Taiyuan 030013, China)

  • Fushuan Wen

    (College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China)

Abstract

In the context of modern power system development to support the evolution towards green energy and carbon-neutral emission goals, many existing problems and even challenges demand new technical solutions. In recent years, decentralized blockchain technology has been employed to address some problems in power systems, and many papers have been published. In this paper, the concept of blockchain is first introduced. A brief survey of the existing publications regarding the applications of blockchain in power systems, including power system dispatching, microgrid operation, energy trading, electricity trading settlement, transmission, and distribution system operation, is then carried out. In addition, several application scenarios of blockchain technology in power systems are also introduced. Through the discussion, we found that we still need to weigh the advantages and disadvantages, overcome its leakage, and bring its value into play if we apply blockchain technology in modern power systems in support of zero carbon goals.

Suggested Citation

  • Xiuli Wang & Fang Yao & Fushuan Wen, 2022. "Applications of Blockchain Technology in Modern Power Systems: A Brief Survey," Energies, MDPI, vol. 15(13), pages 1-22, June.
    • Handle: RePEc:gam:jeners:v:15:y:2022:i:13:p:4516-:d:844364
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/15/13/4516/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/15/13/4516/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Zheng Che & Yu Wang & Juanjuan Zhao & Yan Qiang & Yue Ma & Jihua Liu, 2019. "A Distributed Energy Trading Authentication Mechanism Based on a Consortium Blockchain," Energies, MDPI, vol. 12(15), pages 1-21, July.
    2. Seongjoon Park & Hwangnam Kim, 2019. "DAG-Based Distributed Ledger for Low-Latency Smart Grid Network," Energies, MDPI, vol. 12(18), pages 1-22, September.
    3. Adamu Sani Yahaya & Nadeem Javaid & Fahad A. Alzahrani & Amjad Rehman & Ibrar Ullah & Affaf Shahid & Muhammad Shafiq, 2020. "Blockchain Based Sustainable Local Energy Trading Considering Home Energy Management and Demurrage Mechanism," Sustainability, MDPI, vol. 12(8), pages 1-28, April.
    4. Zixiao Xu & Dechang Yang & Weilin Li, 2019. "Microgrid Group Trading Model and Solving Algorithm Based on Blockchain," Energies, MDPI, vol. 12(7), pages 1-19, April.
    5. Foti, Magda & Vavalis, Manolis, 2019. "Blockchain based uniform price double auctions for energy markets," Applied Energy, Elsevier, vol. 254(C).
    6. Gangjun Gong & Zhening Zhang & Xinyu Zhang & Nawaraj Kumar Mahato & Lin Liu & Chang Su & Haixia Yang, 2020. "Electric Power System Operation Mechanism with Energy Routers Based on QoS Index under Blockchain Architecture," Energies, MDPI, vol. 13(2), pages 1-22, January.
    7. Wenting Zhao & Jun Lv & Xilong Yao & Juanjuan Zhao & Zhixin Jin & Yan Qiang & Zheng Che & Chunwu Wei, 2019. "Consortium Blockchain-Based Microgrid Market Transaction Research," Energies, MDPI, vol. 12(20), pages 1-22, October.
    8. Jiang, Yanni & Zhou, Kaile & Lu, Xinhui & Yang, Shanlin, 2020. "Electricity trading pricing among prosumers with game theory-based model in energy blockchain environment," Applied Energy, Elsevier, vol. 271(C).
    9. Zhang, Chenghua & Wu, Jianzhong & Zhou, Yue & Cheng, Meng & Long, Chao, 2018. "Peer-to-Peer energy trading in a Microgrid," Applied Energy, Elsevier, vol. 220(C), pages 1-12.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Sergey Zhironkin & Magerram Gasanov & Yulia Suslova, 2022. "Orderliness in Mining 4.0," Energies, MDPI, vol. 15(21), pages 1-8, November.
    2. Faten Chaabane & Jalel Ktari & Tarek Frikha & Habib Hamam, 2022. "Low Power Blockchained E-Vote Platform for University Environment," Future Internet, MDPI, vol. 14(9), pages 1-17, September.
    3. Sergey Zhironkin & Elena Dotsenko, 2023. "Review of Transition from Mining 4.0 to 5.0 in Fossil Energy Sources Production," Energies, MDPI, vol. 16(15), pages 1-35, August.
    4. Olga Zhironkina & Sergey Zhironkin, 2023. "Technological and Intellectual Transition to Mining 4.0: A Review," Energies, MDPI, vol. 16(3), pages 1-37, February.
    5. Sławomir Bielecki & Tadeusz Skoczkowski & Lidia Sobczak & Marcin Wołowicz, 2022. "Electricity Usage Settlement System Based on a Cryptocurrency Instrument," Energies, MDPI, vol. 15(19), pages 1-35, September.
    6. Arsenii Vilkov & Gang Tian, 2023. "Blockchain’s Scope and Purpose in Carbon Markets: A Systematic Literature Review," Sustainability, MDPI, vol. 15(11), pages 1-27, May.
    7. Tanus Bikram Malla & Abhinav Bhattarai & Amrit Parajuli & Ashish Shrestha & Bhupendra Bimal Chhetri & Kamal Chapagain, 2022. "Status, Challenges and Future Directions of Blockchain Technology in Power System: A State of Art Review," Energies, MDPI, vol. 15(22), pages 1-26, November.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Rodrigues, Stefane Dias & Garcia, Vinicius Jacques, 2023. "Transactive energy in microgrid communities: A systematic review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 171(C).
    2. Tsao, Yu-Chung & Thanh, Vo-Van, 2021. "Toward sustainable microgrids with blockchain technology-based peer-to-peer energy trading mechanism: A fuzzy meta-heuristic approach," Renewable and Sustainable Energy Reviews, Elsevier, vol. 136(C).
    3. Yang, Jiawei & Paudel, Amrit & Gooi, Hoay Beng & Nguyen, Hung Dinh, 2021. "A Proof-of-Stake public blockchain based pricing scheme for peer-to-peer energy trading," Applied Energy, Elsevier, vol. 298(C).
    4. Azim, M. Imran & Tushar, Wayes & Saha, Tapan K., 2021. "Cooperative negawatt P2P energy trading for low-voltage distribution networks," Applied Energy, Elsevier, vol. 299(C).
    5. Liu, Jicheng & Sun, Jiakang & Yuan, Hanying & Su, Yihan & Feng, Shuxian & Lu, Chaoran, 2022. "Behavior analysis of photovoltaic-storage-use value chain game evolution in blockchain environment," Energy, Elsevier, vol. 260(C).
    6. Wang, Juan & Zheng, Junjun & Yu, Liukai & Goh, Mark & Tang, Yunying & Huang, Yongchao, 2023. "Distributed Reputation-Distance iterative auction system for Peer-To-Peer power trading," Applied Energy, Elsevier, vol. 345(C).
    7. Maarten Evens & Patricia Ercoli & Alessia Arteconi, 2023. "Blockchain-Enabled Microgrids: Toward Peer-to-Peer Energy Trading and Flexible Demand Management," Energies, MDPI, vol. 16(18), pages 1-24, September.
    8. K.C., Bevin & Verma, Ashu, 2023. "Decentralized local electricity market model using Automated Market Maker," Applied Energy, Elsevier, vol. 334(C).
    9. Han, Dong & Zhang, Chengzhenghao & Ping, Jian & Yan, Zheng, 2020. "Smart contract architecture for decentralized energy trading and management based on blockchains," Energy, Elsevier, vol. 199(C).
    10. Esmat, Ayman & de Vos, Martijn & Ghiassi-Farrokhfal, Yashar & Palensky, Peter & Epema, Dick, 2021. "A novel decentralized platform for peer-to-peer energy trading market with blockchain technology," Applied Energy, Elsevier, vol. 282(PA).
    11. Wenting Zhao & Jun Lv & Xilong Yao & Juanjuan Zhao & Zhixin Jin & Yan Qiang & Zheng Che & Chunwu Wei, 2019. "Consortium Blockchain-Based Microgrid Market Transaction Research," Energies, MDPI, vol. 12(20), pages 1-22, October.
    12. Alaa A. F. Husain & Maryam Huda Ahmad Phesal & Mohd Zainal Abidin Ab Kadir & Ungku Anisa Ungku Amirulddin & Abdulhadi H. J. Junaidi, 2021. "A Decade of Transitioning Malaysia toward a High-Solar PV Energy Penetration Nation," Sustainability, MDPI, vol. 13(17), pages 1-16, September.
    13. Singh, Kamini & Gadh, Rajit & Singh, Anoop & Lal Dewangan, Chaman, 2022. "Design of an optimal P2P energy trading market model using bilevel stochastic optimization," Applied Energy, Elsevier, vol. 328(C).
    14. Hamzah Khan & Tariq Masood, 2022. "Impact of Blockchain Technology on Smart Grids," Energies, MDPI, vol. 15(19), pages 1-27, September.
    15. Karami, Mahdi & Madlener, Reinhard, 2022. "Business models for peer-to-peer energy trading in Germany based on households’ beliefs and preferences," Applied Energy, Elsevier, vol. 306(PB).
    16. Azim, M. Imran & Tushar, Wayes & Saha, Tapan K. & Yuen, Chau & Smith, David, 2022. "Peer-to-peer kilowatt and negawatt trading: A review of challenges and recent advances in distribution networks," Renewable and Sustainable Energy Reviews, Elsevier, vol. 169(C).
    17. Marco Schletz & Ana Cardoso & Gabriela Prata Dias & Søren Salomo, 2020. "How Can Blockchain Technology Accelerate Energy Efficiency Interventions? A Use Case Comparison," Energies, MDPI, vol. 13(22), pages 1-23, November.
    18. Roth, Tamara & Utz, Manuel & Baumgarte, Felix & Rieger, Alexander & Sedlmeir, Johannes & Strüker, Jens, 2022. "Electricity powered by blockchain: A review with a European perspective," Applied Energy, Elsevier, vol. 325(C).
    19. Zeng, Yu & Wei, Xuan & Yao, Yuan & Xu, Yinliang & Sun, Hongbin & Kin Victor Chan, Wai & Feng, Wei, 2023. "Determining the pricing and deployment strategy for virtual power plants of peer-to-peer prosumers: A game-theoretic approach," Applied Energy, Elsevier, vol. 345(C).
    20. Tushar, Wayes & Yuen, Chau & Saha, Tapan K. & Morstyn, Thomas & Chapman, Archie C. & Alam, M. Jan E. & Hanif, Sarmad & Poor, H. Vincent, 2021. "Peer-to-peer energy systems for connected communities: A review of recent advances and emerging challenges," Applied Energy, Elsevier, vol. 282(PA).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jeners:v:15:y:2022:i:13:p:4516-:d:844364. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.