Next-generation blockchain enabled smart grid: Conceptual framework, key technologies and industry practices review

Abstract

Technological advancements in smart grid energy systems (SGESs) are introducing sustainable frameworks to meet the demand for the fourth industrial energy revolution. These frameworks are planned to be used in the forthcoming future to maintain the energy network operation with optimization, energy trading, grid automation, and so on. Blockchain (BCn), developing after passing a diverse period of the research journey, comes to the mind of researchers and its integration in SGES paves the way to reach the goal of energy demand. However, still of interest is ongoing in the improvement of BCn features which can be regarded as the next-generation blockchain framework. This paper exhibits the technical framework of the next-generation BCn framework and explores its benefits and challenges in performing the emerging aspects of SGES. This framework enables some advanced features for the sustainable operation of SGES like smart metering, peer-to-peer (P2P) energy trading, self-operation, and transparency. The technical explanation of this BCn technology established on essential features and requisites is also presented in this paper from various points of view which include smart mechanism, intelligent storage system, and interoperability. We also highlight the recent progress and limitations of the current BCn framework in SGES. Finally, some challenges towards integrating the next-generation BCn technology in SGES are reported. This work can provide extended support for the practitioner and researcher in the context of BCn technology and SGES.

Keywords

• Blockchain
• Smart grid energy system
• Smart contract
• Consensus mechanism
• Peer-to-peer energy trading
• Electric vehicle and microgrid