Blockchain can solve the ever-evolving and increasingly complex interactive nature of power distribution networks

According to the Polaris Transmission and Distribution Network report, researchers from the Economic and Social Research Institute of Ireland (ESRI) have recently published a paper stating that the blockchain forward trading system can provide more effective incentives for the intelligent management of renewable energy consumption. The paper outlines blockchain-based forward transactions and suggests an interactive architecture. In this architecture, renewable energy suppliers can directly sell their future power output to consumers in the form of irreplaceable blockchain tokens. In the future, the power output can be directly traded between power producers and consumers through power transmission contracts on the blockchain in the virtual city. These requirements for future power output can be reflected in irreplaceable blockchain tokens, and future power transmission is used as a basic asset. Its benefits are said to address the evolving and increasingly complex nature of interaction in distribution networks. In addition, the mechanism uses smart contracts to automate energy control, trading, and management within a distributed architecture.