Trading Electricity with Blockchain Systems

On the wave of the development of new ICT technologies and renewable energy, the power system will certainly experience great changes to its outdated architecture over the next several decades. One of the key drivers of change in the power system are distributed energy resources. They are completely changing the paradigm of the power system as a system with a centralized hierarchy and one-way power flows from generation to customer and from high voltage to low voltage. Because the goals of net zero greenhouse gas emissions are gathering pace and are being accepted by countries around the world, slowdown in the integration of distributed energy resources cannot be expected. Another reason why we can expect faster integration is the development of technology for energy production which is becoming more available to power consumers. Because of the problems that are currently occurring in the distribution system it is clear that the system must be modernized in line with the development of these technologies. The technology that will likely have the greatest impact on the modernization of the power system is blockchain technology combined with the smart grid paradigm. Blockchain has the ability to completely change the way the power system is managed and optimized for performance.