Energy Management System for Distributed Energy Resources Using Blockchain Technology

Abstract

Abstract: Power generation in today’s world is of utmost importance, due to which blockchain is used for the categorization and formation of decentralized structures. This paper has proposed decentralized energy generation using a nester, i.e., energy sharing without third-party intervention. Decentralized blockchain technology is applied to ensure power sharing between buyer and seller, and also to achieve efficient power transmission between prosumer and consumer. Energy management is associated with controlling and reducing energy consumption. Blockchain technology plays a major role in distributed power generation, for example, power-sharing (solar and wind energy), price fixation, energy transaction monitoring, and peer-to-peer power-sharing. These are operations performed by blockchain in renewable power generation. Solar power generation using blockchain technology can obtain an impact resting upon the power generation system. Distributed ledger is the key area of blockchain technology for recording and tracking each transaction in the distribution system to improve the efficiency of the overall transmission system. A smart contract is another important tool in the blockchain technology, which is issued to confirm an assent between buyer and seller before starting any energy transaction without external intervention and also to avoid time delay. Maximum power point tracking is conducted in PV cells using blockchain technology. Blockchain influences energy management systems to improve the utilization of energy, optimize energy usage, and also to reduce the cost.