Blockchain technology is gaining momentum in revolutionizing power systems amidst the global transition towards renewable energy sources and climate change mitigation. As power systems evolve from large-scale, centralized systems to networks of small-sized, distributed electricity systems, blockchain’s decentralized ledger capabilities offer efficient transaction management for small-scale power systems. With features like tamper-resistant data, privacy protection, smart contracts, and real-time settlement, blockchain facilitates secure and transparent energy transactions. Integrated with advancements in smart grids and microgrids, blockchain enables peer-to-peer energy transactions, better grid management, and real-time payments. Hence, the application of BCT in energy industry is being investigated rigorously. This tutorial offers a comprehensive introduction to blockchain technology, covering its fundamental principles, components, operational mechanisms, and potential applications within power systems. Additionally, the tutorial will include a live demonstration on how to use blockchain platforms such as Ethereum and Cosmos.
Presenter(s):
Disha L Dinesha, PhD Research Scholar, Indian Institute of Science