Autonomous Blockchain-Powered Smart Contracts for Trust Management in Decentralized Energy Grids

Blockchain technologies incorporated with decentralized energy grids can offer new paradigms in energy management, distribution, and consumption. Trust building among participants in decentralized energy systems is a critical challenge in the absence of a central authority. Foremost, the self-executing, fully autonomous blockchain-based smart contracts and the decentralized automated systems enable real-time, secure, and transparent business transactions. This paper examines the domain of smart blockchain contracts in decentralized energy grids. Smart contracts facilitate self-enforcement, aiding trust-building. Invoice blockchain contracts enable automated energy exchange, thereby facilitating contract execution without third-party involvement. Trust-building, system decentralization, energy producers and consumers bypassing operators, and operational cost reduction for self-sustainability provide system autonomy. The paper also discusses self-governing blockchain contract systems engineering. In smart energy contracts, the paper outlines system challenges, which include load, interoperable infrastructure, and energy consumption. Empirical and case study research, which are the primary focus of the paper, present blockchain contracts for decentralized energy systems as a trust-management and transaction-integration technology.

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