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Smart grids with distributed clean energy generation, storage and prosumers are the future of energy systems. They need two-way digital communication between multiple customers and suppliers of energy, to produce, buy and sell electricity to the grid at small scales. These arrangements need a system that maintains, checks, and registers information about transactions. Blockchain technology is able to handle these requirements with smart contracts, peer-to-peer energy trading and immutable transactions. A blockchain is a digital ledger of transactions that can be accessed across the entire network of computer systems. Combined with sensors to track energy flows, blockchain can enable the smart grid. After an introduction to blockchain, chapters cover integration with IoT, IoT- and blockchain-enabled smart grids, use of sensors, security and privacy, use of machine and deep learning, energy storage and transaction, as well as use of cryptocurrencies for transactions.
For the future world, which is going to be completely technology driven, technologies that are resilient, foolproof, transparent, and highly scalable are the requirements, and blockchain is such a technology. With this technology, we can expect the world to be smarter and more lawful. In the coming days, blockchain could be the ideal match for smart applications.
With billions of devices connected to the Internet, Internet of Things (IoT) is making our world simpler, and we can control all these with the click of a button. Not only that but these connected devices collect data via sensors and send it for further processing, which takes thing to whole new level from just managing them to predicting the device health, usage patterns, life of the device, etc. IoT, the next big thing for the world, could transform everything from simple day- to- day work to gigantic industrial applications much more efficient and intelligent.
A wireless sensor network (WSN) comprises a larger number of sensor nodes that detect physical parameters, such as temperature, pressure, and moisture. WSN will be the leading technology in the field of IoT due to the advanced technical evolution of sensors.
Written by an international team with the necessary multi-disciplinarity, this work for researchers in power systems as well as economists with related interests covers the use of blockchain technology for smart grids