Blockchain Enabled Smart Metering Solutions: Challenges and Opportunities

Abstract

The applications of smart energy meters have been increasing in power systems, such as real-time monitoring, remote control, online billing, theft detection, energy trading, energy forecasting, and demand response by using the Internet of Things (IoT). IoT based smart metering system is centralized in nature, which has data security and privacy issues. Since blockchain is secured, authentic, confidential, and data integrity properties, hence blockchain enabled smart metering is an effective solution. This paper reviews a broad understanding of blockchain enabled smart metering systems and opportunities in various segments. This paper highlights the shortcomings in smart metering systems, which effectively address the privacy and security gaps, discusses blockchain-based energy trading and the existing pilot project of blockchain technology in India.