The Role of Blockchain and IoT in Modern Energy Systems
Wesley Doorsamy, Babu Sena Paul · 2021
Blockchain and Internet-of-Things (IoT) are emerging as key features of the modern energy system. This chapter focuses on these technological advancements in the context of transition of the energy sector into the Internet-of-Energy (IoE) environment. Here, we explore how blockchain and IoT fit into this transition and deal with issues relating to their development and deployment in the sector. Although the interest in Blockchain- and IoT-based innovation in energy is growing, its widespread deployment usage is rightly encumbered by the critical nature of the application that necessitates proven reliability and alignment with the future goals of the sectors through rigorous development, implementation, and testing. We investigate how applications of Blockchain and IoT principles progressively seek to meet the demands of future energy systems, and extricate the current and future challenges with respect to inter alia context, architecture, regulations, security, and uptake. We also unpack the details of the various challenges with the different components and subsystems of blockchain- and IoT-based technologies the energy sector that affect security, privacy, and reliability, and offer technical insight into opportunities and resolutions pertaining to the same. This chapter is intended to provide researchers, developers, and policymakers with an understanding of the possibilities of blockchain and IoT in the energy sector through equipping them with knowledge of the application principles, state-of-the-art, technological limitations/barriers as well as current and future developments encompassing this technological confluence.