IEEE Systems, Man and Cybernetics Magazine - January 2023 - 42

technology may have potential impacts on them, which
are energy trading (wholesale and retail markets), demand
response and automation, attribute certification, grid
management, electric mobility, and financing of projects
within the energy sector [9].
Table 1 shows a summary of the recent blockchain projects
in power systems all over the world [13]. Considering
the details of each project, blockchain
technology has been frequently
used in 1) trading and
marketing, 2) automated control of
decentralized power systems, and
3) transparency to improve auditing.
As shown in Table 1, the common
ly
repor ted blockcha i n
◆ operating for at least three months
◆ making significant use of blockchain technology
◆ connecting to main power grids or involved in managing
RECs.
With regards to trading and marketing, which include
frameworks are Ethereum (ETH),
Directed Acyclic Graph (DAG),
Hyperledger Fabric (FAB), EcoChain
(ECO), Energy Web Chain
(EWC), Python (PYTH), and Proprietary
(PRO). Furthermore, frequently
used consensus mechanisms
are proof of work (PoW), proof of
authority (PoA), proof of stake (PoS), Practical Byzantine
Fault Tolerance (PBFT), and additionally, the power market
type can be energy and capacity (EC), RECs, or both. It
is worth mentioning that such projects are selected based
on four major criteria, which are as follows:
◆ projects affecting real financial transactions with
real customers
Blockchain is a
transparent and
secure system and is
capable of enabling
business solutions,
especially when
combined with smart
contracts.
transactive energy and trading of RECs, blockchain
technology can be used for assigning digital identities to
power systems' components or
customers, and it can serve as a
transaction platform among two
or more parties. It is noted that
cost-saving, operational efficiency,
and an increase in transparency
are the main benefits of
blockchain technology for trading
and market ing pur poses.
Regarding automated control of
decentralized power systems due
to the fact that power grids are
becoming more decentral ized
and digitized, blockchain technology
can be used for managing
DG units, creating renewable
energy markets, etc., by assigning digital identities to
power system assets. By using smart contracts to automate
the process and facilitate participation in the
power market, both power grid operators and customers
can benefit. Additionally, one of the main advantages of
blockchain technology is the reduced auditing so that
the auditors do not require spending plenty of time
10
15
20
25
30
35
5
Demand
Response and
Automation
Financing Energy
Trading
Attribute
Grid
Certification Management
Electric
Mobility
General
Figure 5. The breakdown of the various use cases of examples of blockchain technology in the energy sector [9].
42 IEEE SYSTEMS, MAN, & CYBERNETICS MAGAZINE January 2023
IEEE Systems, Man and Cybernetics Magazine - January 2023

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