A Study on Utilization of Blockchain for Electricity Trading in Microgrid

Abstract

The conventional electric power system is a unidirectional configuration that delivers electricity to the consumer in the power plant, but as the prosumers emerges, microgrid technology that enables bi-directional configuration has been developed. By applying the data distribution processing technology called the blockchain to the microgrid, time and cost can be saved compared with the conventional microgrid system. Through the related research, we analyze the structure of the microgrid and the utilization of the blockchain, study the pros and cons of applying the public blockchain and the private (consortium) blockchain, and propose the possible scenarios.