Overview of Microgrids and Blockchain Technology

Abstract

This paper addresses the vital role of microgrids in the efficient utilization of renewable energy within the context of the evolving energy internet and electricity market reforms. In this work, we review the fundamental concepts of microgrids, their historical progression, energy storage technologies, and advanced control and scheduling techniques. We focus on the benefits of flexible interconnection in hybrid AC/DC microgrids and propose a decentralized energy trading system utilizing blockchain technology. Our findings demonstrate that implementing blockchain not only enhances trading efficiency and reduces costs but also facilitates secure peer-to-peer transactions between consumers and producers. This innovative approach resolves prevalent issues in traditional energy trading frameworks and fosters greater market dynamics. The significance of this research lies in its potential to inform the commercialization and sustainable development of microgrids, ultimately promoting optimal allocation and utilization of energy resources. By providing actionable insights, this work contributes to advancing the field of energy management and supports the transition towards a more resilient and decentralized energy landscape.