Security Aspects and Performance of Smart Grid with the Assistance of Blockchain Technology: An Intellectual Survey

Abstract

Blockchain technology's cutting-edge capabilities have given rise to fascinating theories and subjects that developers and academics may use in their work. Blocks were a decentralized, distributed, open, immutable, and digital representation of transactions. Blockchain was created by chaining together blocks using encryption and hashing methods. The technology's goal is to treat data like money. Using this technology, it is possible to store in blocks the highly important data. The fastest-growing innovative technology used in many fields is called blockchain technology. It is well-liked because it may be used to a variety of fields, helping to contribute to data storage in the relevant fields linked via peer-to-peer networks. The technology offers a real-time updating facility feature that allows for the upgrading of the records. This study began looking into several Blockchain-related topics. It concentrated on blockchain applications that were already in use, analysed the proof of concept in various domains, and listed the benefits of the technology in various industries. The research aids in determining potential directions for future study in various fields.