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Blockchain and smart grids in Financial Systems

Vrinda Mathur
Nov 21, 2024

Smart Grid 2.0 aims to automate the activities of the intelligent electrical grid. Blockchain and smart contracts are being used to help the transition from DSO-centric operations to consumer-oriented, distributed electrical grid management. The proposed smart grids, coupled with blockchain, would provide issues that would impede the full utilization of Distributed Energy Resources.

The development of smart grids (SGs) has resulted in several alterations to the current electricity grid structure. The use of new devices, technologies, renewable energy resources, and electric vehicles (EVs) raises the demand for decentralized energy management and data transactions, i.e. safe and economic transactions are carried out via decentralized networks. Blockchain technology can be utilized to address these changes, hence a comparative literature study is presented to identify all potential blockchain applications in Singapore.

Introduction

A variety of alternatives, beyond the traditional one of adding extra lines, cables, and transformers, have been proposed to modernize the power grid using new technology, allowing for a more intelligent autonomous networked system. These solutions, which often rely on new technology, are known as "smart grids" (SG) or "smart-grid technologies." Conventional electric grids are constrained in their ability to meet current rising energy demand, whereas SGs can automate and manage the energy industry's needs more effectively. The digital technology that enables two-way energy and information exchange enhances the conventional power grid's processing, controlling, monitoring, and communication capabilities, making it smarter.

Even though RES is regarded as one of the answers to the energy problem, its integration poses obstacles to the grid. The variable nature of RES and energy users has created further uncertainty for both users and the system. However, on a big scale, ensuring security and optimum energy utilization necessitates a high volume of communications.These connections should be maintained via a secure route to ensure total grid security. As a result, designing a dependable and secure open communication system is a critical issue in SG deployments.

The smart grid (SG) is offered as a solution to traditional power grid concerns such as electricity production, distribution, monitoring, and control. Smart grid networks use Internet of Things (IoT) sensor nodes along various grid lines to collect vast amounts of data on electricity flow, usage, and so on. The collected data is analysed for a variety of purposes, including demand forecasting, problem diagnosis, and fault prediction. Sensor nodes and communication channels can be compromised, jeopardising users' privacy. False data can be spread with harmful intent.

Blockchain in Smart Grid

A smart grid is an electrical power distribution system that enables two-way communication between the utility company and its customers. Smart grid technology is supported by digital technologies such as power/current sensors, controls, data centres, and smart meters.

Electrical power distribution systems, often known as electrical grids, have been the world's principal source of electricity since the late nineteenth century. When these electrical networks were first built, their operational principles were straightforward: generate power and distribute it to houses, buildings, and other locations where there was an electrical demand.

The application of the blockchain concept in smart grids is supported by its use in the financial, law enforcement, and industrial sectors. Blockchain was regarded as the most promising safety and optimisation method in the electrical network. From a safety standpoint, able to increase the dependability of transactive energy information. Furthermore, the autonomous detection of missing information and immediate action to adjust the setups and sensor infrastructure Regarding the recent applications of blockchain in the sector of transactive energy, the previous research classifies the features to achieve the objectives.

The blockchain may have additional potential benefits, such as verifying multiple distributed ledgers at the same time, lowering energy costs by eliminating third parties, making it easier to operate the distributed energy system, and encouraging customers to be energy producers and exchange them with the main grid. The section below provides some of the perspectives on utilising blockchain in the smart grid.

Enabling the Smart Grid

When digital, two-way communication, and automation technology are integrated into a smart grid, many infrastructure adjustments can be made to maximize grid efficiency. The smart grid deployment enables the following infrastructural changes:

Decentralized Energy Production

Smart grids can continually monitor and adjust energy distribution, eliminating the requirement for a single, massive power plant to generate electricity. Rather, energy can be produced by a variety of decentralized power plants, including wind turbines, solar farms, residential photovoltaic solar panels, tiny hydropower dams, and many others.

Decentralized markets

Smart grid architecture also allows for the linking of several grids to intelligently share energy across traditional centralized systems. For example, municipalities have traditionally had separate industrial facilities that are not linked to other municipalities. Municipalities that adopt smart grid infrastructure can contribute to common production schedules to remove production dependency in the case of an outage.

Small-Scale Transmission

One of the most significant wastes of energy in electrical grids is the distribution of energy over long distances. Given that the smart grid enables production and market decentralization, net distribution distances within a smart grid are dramatically decreased, resulting in less wasted energy.

Two-way Distribution

In the case of a local solar farm, there may be times when the solar farm generates more energy than the neighborhood consumes. A surplus of energy is produced. This excess energy can subsequently be sent into the smart grid, reducing the demand for the distant power plant.

During the day, energy flows from the solar farm into the main, non-neighborhood grid; while the solar farm is not functioning, energy flows from the main grid into the neighbourhood. Power distribution algorithms can monitor and optimize this bidirectional energy flow to guarantee that minimum energy is wasted at any time during operation.

Conclusion

Maybe you've heard about the Smart Grid in the news or from your energy provider. However, not everyone understands what the grid is, let alone the Smart Grid. "The grid," refers to the electric grid, a network of transmission lines, substations, transformers and more that deliver electricity from the power plant to your home or business. It’s what you plug into when you flip on your light switch or power up your computer. Our current electric grid was built in the 1890s and improved upon as technology advanced through each decade.

In brief, the grid is smart because of digital technology that enables two-way communication between the utility and its consumers, as well as sensing along transmission lines. The Smart Grid, like the Internet, will be made up of controls, computers, automation, and new technologies and equipment that operate together; however, in this case, these technologies will collaborate with the electrical grid to adapt digitally to our rapidly changing electric demand.

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