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For more than a century, the grid has operated in a centralized top-downfashion. However, as distributed energy resources (DERs) penetration grows, thegrid edge is increasingly infused with intelligent computing and communicationcapabilities. Thus, the bottom-up approach to grid operations inclined towarddecentralizing energy systems will likely gain momentum alongside the existingcentralized paradigm. Decentralization refers to transferring control anddecision-making from a centralized entity (individual, organization, or groupthereof) to a distributed network. It is not a new concept - in energy systemscontext or otherwise. In the energy systems context, however, the complexity ofthis multifaceted concept increases manifolds due to two major reasons - i) thenature of the commodity being traded (the electricity) and ii) the enormity ofthe traditional electricity sector's structure that builds, operates, andmaintains this capital-intensive network. In this work, we aim to highlight theneed for and outline a credible path toward restructuring the currentoperational architecture of the electricity grid in view of the ongoingdecentralization trends with an emphasis on peer-to-peer energy trading. Wefurther introduce blockchain technology in the context of decentralized energysystems problems. We also suggest that blockchain is an effective technologyfor facilitating the synergistic operations of top-down and bottom-upapproaches to grid management.

Decentralization of Energy Systems with Blockchain: Bridging Top-down and Bottom-up Management of the Electricity Grid