Framework for Decentralized Energy Supply Chains Using Blockchain and IoT Technologies

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@article{1702766,
      author = {Ekene Cynthia Onukwulu, Ikiomoworio Nicholas Dienagha, Wags Numoipiri Digitemie, Peter Ifechukwude Egbumokei},
      title = {Framework for Decentralized Energy Supply Chains Using Blockchain and IoT Technologies},
      journal = {Iconic Research And Engineering Journals},
      year = {2021},
      volume = {4},
      number = {12},
      pages = {329-354},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1702766.pdf},
      abstract = {The rapid transition towards decentralized energy systems calls for innovative solutions to address the complexities of energy distribution, monitoring, and management. This paper presents a framework for decentralized energy supply chains leveraging Blockchain and Internet of Things (IoT) technologies. The framework is designed to enhance the efficiency, security, and transparency of energy transactions while supporting the integration of renewable energy sources. Blockchain, with its decentralized and immutable nature, ensures secure, transparent, and auditable transactions, facilitating trust among energy producers, consumers, and intermediaries. IoT, on the other hand, provides real-time data acquisition and monitoring capabilities, enabling dynamic management of energy flows and optimizing energy consumption patterns. The proposed framework consists of three core components: (1) Blockchain for secure energy transactions ? Blockchain technology is used to record energy transactions, such as energy production, distribution, and consumption, in a decentralized ledger. This ensures that all participants have access to transparent and tamper-proof data, reducing the need for central authorities and intermediaries. (2) IoT for real-time monitoring and optimization ? IoT sensors and devices continuously collect data from energy generation, storage, and consumption points. This data is analyzed in real-time to optimize energy flow, predict demand, and ensure efficient use of resources. (3) Smart contracts for automated processes ? The framework incorporates smart contracts to automate energy trading, billing, and other processes based on predefined conditions, reducing administrative overhead and increasing the speed and accuracy of transactions. By combining Blockchain and IoT technologies, this framework aims to create a robust, secure, and efficient decentralized energy supply chain. It facilitates peer-to-peer energy trading, enhances energy access in remote locations, and promotes the adoption of renewable energy sources. The framework also addresses key challenges such as scalability, interoperability, and data privacy, ensuring a sustainable and reliable energy system. Ultimately, this approach paves the way for more resilient, efficient, and sustainable energy systems in the context of the growing demand for decentralized energy solutions.},
      keywords = {Blockchain, Iot, Decentralized Energy, Energy Supply Chains, Renewable Energy, Smart Contracts, Real-Time Monitoring, Peer-To-Peer Energy Trading},
      month = {June},
  }