Blockchain-Based Systems for the Modern Energy Grid - 8 - Blockchain utility in renewable energy

The tightly regulated energy market has taken notice of blockchain technology as it prepares for an energy business model transition in which providers and consumers will create and sell electricity. Blockchain could provide a secure, low-cost mechanism to record and confirm operating and financial transactions along a decentralized system with no central authority. In addition to the smart grid, the Internet of Energy (IoE), which integrates many kinds of energies, has become a prominent innovation feature in the energy generation and distribution landscape. Given the establishing of a distributed smart grid infrastructure, it follows that IoE leverages the Internet to gather, control, optimize, and organize network energy information from various edge devices. Customers and suppliers use sensors and modern communication systems to collect the required data and forecast demand and supply. The present energy sector began changing towards distributed and decentralized approaches with smart grid energy utilities like electric vehicles, smart grid, and vehicle-to-grid technologies. The founding principles of blockchain, such as secrecy, decentralization, and transparency, have sparked an interest in the energy domain for this technology which provides automatic data interchange, complicated energy trades, improved service control, and distributed energy trading, among other things, by utilizing smart contracts. As decentralized renewable resources and smart grid networks are implemented and exploited, blockchain plays a critical role in developing the IoE market.