Due to rapid growth in renewable energy resources and improvements in battery technology, power grids are undergoing major changes, which create significant management and control challenges. To tackle these challenges, decentralized solutions are needed, which can support the evolution of electrical power distribution systems.
The adoption of blockchain based distributed ledgers is growing fast due to their ability to provide reliability, integrity, and auditability without trusted entities. One of the key capabilities of these emerging platforms is the ability to create self-enforcing smart contracts.