In recent years, distributed blockchain technological advancements have been used to resolve a variety of issues in energy systems. The latest study published in the journal Energies discusses the basic concept of blockchain technology and mentions several essential applications of blockchain for various subcomponents of power systems.
What is Blockchain Technology?
Blockchain is a significant component of advanced IT systems that have seen widespread application in different fields of power networks. It is a novel application medium in computer science and technology that uses distributed storage memory, consensus algorithms, point-to-point propagation, and data encryption as an indication of a truly innovative generation of network technology.