ABSTRACT
Smart grids constitute the amalgamation of traditional electrical power networks with modern digital technology. Electrical power grids are the underpinning of any successful modern economy and ensure all manner of physical infrastructure works smoothly such as mass transport and lighting systems. As advanced systems, smart grids require advanced security technologies and their subsystems need to be functional even if under cyberattack. As smart grids are used in all advanced economies, the smart grid firms will then move on to developing economies spreading the cyber risk to data, privacy issues and intellectual property (IP) even further globally. As smart grids are data and IP driven, the risks of cyberattacks increase and the added requirement of cybersecurity measures also expand and become more costly and complex in nature. Blockchain technology can be used in smart grids to provide greater transparency for consumers allowing them to track directly from where their electricity is produced.
