Abstract
Blockchain genuinely has the power to revolutionise the energy market mechanism by introducing smart PPAs (purchase power agreements), smart micro grids, and REC certificates. By converting energy resources into digital commodities that can be exchanged on a blockchain, new investment and trading possibilities that allow new players to join easily and encourage innovations will be enabled. It may also contribute to a shift driven by the organisation to address the issue of last mile connectivity. While recent grid developments have broadened the use of advanced control techniques, the next-generation grid requires technology that makes it simpler to connect distributed energy services (DERs) for users who both acquire and sell power seamlessly. This chapter will present a case study of a blockchain-based optimization paradigm and framework for crowd-sourced operations.
TopBlockchain
The blockchain is a peer-to-peer data network infrastructure. The blockchain is named as the blocks are grouped into chains. Each network user distributes and saves data from the history of transactions in block format on the blockchain. Because each node has a unique private and public key, the secret key and hash function may be used to perform a cryptographic signature on the transaction. Each node checks that the transaction has been signed by the digital signature subject using the public key (Whig, 2019). This transaction is included in a block that contains a structure of “chains” that are always linked after a particular cycle during the time flow. Because every user has a transaction history, each user may evaluate their transaction history by reading their own logs. Transactions that have not been authenticated cannot be stored in the block. As a result, blockchain has three characteristics: Confidentiality, security, and decentralisation of data (Whig & Ahmad, 2019).
Key Terms in this Chapter
NFT: NFT, known as non-fungible tokens (NFTs), these cryptographic assets are based on blockchain technology and have unique identification codes and metadata that set them apart from each other.
IoT: The term IoT, or Internet of Things, refers to the collective network of connected devices and the technology that facilitates communication between devices and the cloud, as well as between the devices themselves.
Crypto: A cryptocurrency is an encrypted data string that denotes a unit of currency.
Blockchain: A blockchain platform allows users and developers to create novel uses of an existing blockchain infrastructure.
Bitcoin: Bitcoin (?) is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network.
Holochain: Holochain is an eco-aware peer-to-peer network.
Smart Contracts: A smart contract is a computer program or a transaction protocol which is intended to automatically execute, control or document legally.
Ethereum: Ethereum is a technology that's home to digital money, global payments, and applications.