Secure and Trustworthy Energy Trading Using Decentralized Blockchain-Based Resilient Solutions

Conventional power grids are converted to smart energy grids as an efficient way of integrating sustainability with eco-friendly use of energy sources. With increasing use of the population towards smart grids, they face numerous obstacles in peer-to-peer, energy trade, including overhead in communications, security concerns, and privacy difficulties. In the digital era using a typical centralized grid system, coordinating and integrating a huge number of expanding connections can cause a major security problem. This study suggests a blockchain-based, digitized, and secure architecture that enables energy providers and users to trade energy source without the requirement for intermediary. Thus, from its centralized configuration, the distributed energy system is transitioning to a decentralized architecture. These days, as a result, technology has gained pace in particular with the Bitcoins and Ethereum cryptocurrency industries. Blockchain applications in smart energy systems might give numerous creative and reasonably priced answers to different issues of the difficulties that both nowadays and future smart grid systems will run into. Blockchain provides a secure integration with a database which is more reliable and provides resistance to cyber-attacks by ensuring synchronization of all the nodes in blockchain networks. This paper also discusses the architecture design, security considerations, and the most pertinent applications. Finally, this paper provides a detailed study of the importance of blockchain along with working of smart energy grids with the decentralized version ensuring synchronization and resistance to any cyber threats.