Using Smart Contracts in Smart Energy Grid Applications

The evolution of the energy production and distribution towards innovative decentralized models, dictates the introduction of emerging technologies to transform the conventional energy sector into smart. In this paper, blockchain technology is introduced, in the concept of utilization and associated benefits in smart grid sector. Moreover, potential applications of smart contracts in the smart metering environment are discussed as well. Blockchain-based tech- nology including smart contracts, is an ideal candidate for matching energy demand and production at smart grid level. As such, consumers will have the ability to become prosumers with a significant role in the continuous smart grid stabilization, since in a smart metering environment, all the contract- ing nodes will be able to streamline their energy consumption according to the grid demand. In addition to that, by the introduction of smart contracts within the smart grid landscape, smart meters can go one step further, allow- ing customers to pay as they go, rather than relying on monthly assessments.