Open AccessAn Analysis of Block Chain Applications In Bitcoin And Smart Grid Technologies
Author(s) -
Srujana Vungarala
Publication year - 2021
Publication title -
international journal for research in applied science and engineering technology
Language(s) - English
Resource type - Journals
ISSN - 2321-9653
DOI - 10.22214/ijraset.2021.37303
Subject(s) - blockchain , smart grid , computer science , cryptocurrency , distributed ledger , computer security , smart contract , renewable energy , block (permutation group theory) , electricity , engineering , electrical engineering , geometry , mathematics
Blockchain is the nascent technology which has the capability of incorruptible future in making. The blockchain mechanism is regarded for its security. In recent years, many have adopted for Blockchain. This paper tries to analyze some of the game changing technologies using blockchain mechanism. The paper has been framed by using secondary research and the authors’ opinion is also voiced.Blockchain-based application are springing up, covering numerous fields including financial services, Internet of Things (IoT), and Energy distribution systems Smart Grids uses blockchain to control the flow of energy. Blockchain, the foundation of Bitcoin, has received extensive attentions recently. Blockchain serves as an immutable ledger which allows transactions take place in a decentralized manner. Blockchain-Based Smart Grids presents emerging applications of blockchain in electrical system. As, Rapid growth of renewable energy resources in power systems we require a system through which we can monitor the consumption and supply of the electricity. This is sustainable and eco-friendly alternative. This paper is tailored to analyze the blockchain applications in Bitcoin and Smart Grid.