Blockchain-based Peer-to-Peer Transactions in Energy Systems

Blockchain is a nascent technology with the potential to disrupt the operational and business models of many industries. The enormous successes recorded by solutions underpinned by blockchain have attracted much attention to it. Beginning from the emergence of Bitcoin in the financial sector, blockchain has continued to impact other industries. It finds application in healthcare, supply chain, energy among other sectors. The technology has emerged as a viable technology for enabling decentralized peer-to-peer transactions. With the high adoption of renewable energy sources, the modern power system has become decentralized thereby paving the way for the integration of blockchain-based solutions. In the energy industry, blockchain can be employed to facilitate decentralised peer-to-peer energy transactions between power grid entities, energy storage sharing among others.