Scope of BlockChain Technology in Energy Sector.
Abstract: World energy systems are going through a continuous change. The focus has been shifted from large thermal or hydal power generation to small distributed generation, mainly based upon renewable energy systems. This transition is also backed by some governments. There have also been significant improvements in grid technology, and modern-day smart grid can provide real time bi-directional flow of data i.e. “real time energy deficit and surplus, and also real time prices to both producers and consumers. Smart grid can also accommodate intermittent small suppliers of electricity. This shift in energy generation policy and improvement in grid technology has opened ways for small scale energy producers and consumers to share energy with each other. It has also opened ways to purchase or sale energy to unknown peers over a smart grid. Need has been felt to store these transactions among peers in a secure, non-alterable yet quickly accessible way. Blockchain technology offers to provide this secure, unalterable yet quickly accessible ledger. In this study this transition process and role of blockchain technology for future energy systems has been historically reviewed. It has been found out that on top of keeping record of Peer to Peer transactions, blockchain technology can fill many other purposes. However, technology is still not matured for large scale projects, Research projects are underway to decrease the large time and energy consumption for block building computational processes yet keeping them safe and reliable.
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