Integrating Blockchain Technology in Smart Grids

With the advancement in Internet technology and Cloud computing, the energy burden has increased and so has the risk exposure. Presently Smart Grid is the best alternate solution that can provide consumers with the finest energy consumption optimization by adjusting the consumption schedule through parameters salient to a particular situation, such as the price and the user preferences. Implementing renewable energies like solar and wind accompanied by the reasonable use of electricity are also among the matters that need to be considered in the smart grid. A blockchain is a distributed, dispersed, and consensus ledger of transactions and it is owned by each user and maintained by all participants in a peer-to-peer protocol. The integration of digital agreements, that are referred to as 'smart contracts', allow people to share energy. The proposed study focuses on the peer to peer interactions in smart grids which are secured using blockchain technology. This study introduces a peer-to-peer (P2P) energy trading model using blockchain technology integrated with a grid-connected inverter, enhancing smart grid operations through a sustainable supply chain. Simulated in MATLAB and implemented in Python, the model outperforms traditional systems in efficiency and security. The research uses ISM and Fuzzy-DEMATEL methods to analyze the economic, social, and environmental impacts of blockchain on smart grids, advocating for further verification with advanced analytical techniques.