Blockchain may help solve several complex problems related to integrity and trustworthiness of rapid, distributed, complex energy transactions and data exchanges. In a move towards resilience, blockchain commoditizes trust and enables automated smart contracts to support auditable multiparty transactions based on predefined rules between distributed energy providers and customers. Blockchain based smart contracts also help remove the need to interact with third-parties, facilitating the adoption and monetization of distributed energy transactions and exchanges, both energy flows as well as financial transactions. This may help reduce transactive energy costs and increase the security and sustainability of distributed energy resource (DER) integration, helping to remove barriers to a more decentralized and resilient power grid.
Revised: April 20, 2018 |
Published: September 18, 2017
Citation
Mylrea M.E., and S.G. Gourisetti. 2017.Blockchain for Smart Grid Resilience: Exchanging Distributed Energy at Speed, Scale and Security. In Resilience Week (RWS 2017), September 18-22, 2017, Wilmington, Deleware, 18-23. Piscataway, New Jersey:IEEE.PNNL-SA-126013.doi:10.1109/RWEEK.2017.8088642