Blockchain outlook for deployment of IoT in distribution networks and smart homes

Abstract

Nowadays, unlike depleting fossil fuel resources, the integration of different types of renewable energy, as distributed generation sources, into power systems is accelerated and the technological development in this area is evolving at a frantic pace. Thus, inappropriate use of them will be irrecoverably detrimental. The power industry will reach a turning point in the pervasiveness of these infinite energy sources by three factors. Climate changes due to greenhouse gas accumulation in the atmosphere; increased demand for energy consumption all over the world, especially after the genesis of Bitcoin and base cryptocurrencies; and establishing a comprehensive perspective for the future of renewable energy. The increase in the pervasiveness of renewable energy sources in small-scale brings up new challenges for the power system operators to manage an abundant number of small-scale generation sources, called microsources. The current structure of banking systems is unable to handle such massive and high-frequency transactions. Thus the incorporation of cryptocurrencies is inevitable. In addition, by utilization of IoT-enabled devices, a large body of data will be produced must be securely transferred, stored, processed, and managed in order to boost the observability, controllability, and the level of autonomy of the smart power systems. Then the appropriate controlling measures must be performed through control signals in order to serve the loads in a stable, uninterruptible, reliable, and secure way. The data acquires from IoT devices must be analyzed using artificial intelligence methods such as big data techniques, data mining, machine learning, etc. with a scant delay or almost real-time. These measures are the controversial issues of modern power systems, which are yet a matter of debate. This study delves into the aforementioned challenges and opportunities, and the corresponding solutions for the incorporation of IoT and blockchain in power systems, particularly in the distribution level and residential section, are addressed. In the last section, the role of IoT in smart buildings and smart homes, especially for energy hubs schemes and the management of residential electric vehicle supply equipment is concisely discussed.