- Conference Article
- 10.17758/dirpub15.f1123107
Recent Energy Systems opportunities for Information Science and Technology: Blockchain, IoT and Smart Grids
- Dec 23, 2023
- Nuno Domingues + 3 more +3
Blockchain, IoT, and smart grids have the potential to revolutionize the energy industry by improving the efficiency, security and transparency of energy transactions. This is more evident when considering types of energy. However, there are several challenges that need to be addressed before these technologies can be fully implemented in the energy sector. Blockchain, IoT, and smart grids offer notable business possibilities for companies in the energy sector. This paper focus on scalability (current blockchain technology is not able to handle the high number of transactions that are required for large-scale energy systems), the integration of IoT and smart grids are data privacy, data anonymization and cybersecurity (with the large amount of data generated by IoT devices, ensuring that this data is protected from cyber-attacks, negligent actions and unauthorized access is essential). Also, the integration of IoT and smart grids requires the development of new communication protocols and standards to ensure that the data can be securely and efficiently transmitted. A third set of challenges is related to standardization, as the integration of these technologies also requires the development of common standards and protocols to ensure interoperability between different devices, systems, and networks. Based on the present study it is possible to understand that several works and studies have been done raising the problems, but the solutions are still scarce and not tailor made. In general, even with the many possible advantages of using blockchain, IoT, and smart grids in the energy sector, there is also an indefinite number of challenges that need to be considered for these technologies to be fully used. Development and investigation in these areas are ongoing and it is substantial to keep track of the current developments. In conclusion, although the energy sector offers numerous prospective business prospects, it comes with its share of obstacles that demand attention to unlock the full potential of these technologies. Companies must prioritize staying afloat with the most recent advancements and trends in the industry and commit to research and development as a means of maintaining competitiveness.
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