Decentralized Blockchain Solutions for Smart Grid Data Management and Security

Abstract

This paper reviews the work in the areas of smart grid (SG) transformation, its potential benefits, challenges, and the promising solutions offered by blockchain technology. The conventional electrical grid is evolving into a more reliable and efficient SG, characterized by its modern architecture and integration of smart appliances, meters, and renewable energy resources. While the SG presents a solution to the energy crisis, its complexity and vast digital connections make it susceptible to cyber-attacks. Blockchain, with its inherent features of decentralization and enhanced cybersecurity, emerges as a pivotal solution for SG paradigms. The reviewed studies delve into blockchain-enabled SG applications, proposing blockchain architectures for various applications such as synchrophasor applications, electric vehicles, and energy management systems. Furthermore, an analysis based on the standard NIST conceptual model of smart grid domains highlights the critical features of blockchain: decentralization, trust, and incentive. This comprehensive review aims to offer insights and directions for future research, emphasizing the significance of a secure and decentralized SG using blockchain technology.