Blockchain Technology for Smart Grids: Decentralized NIST Conceptual Model

Blockchain technology is showing a significant potential to disrupt a number of information technology domains. One of the especially interesting areas for blockchain applications is smart grid. A number of early papers have been published in this area, however, there is no systematic analysis of the impact of blockchain technology on decentralization of smart grids. In this paper, we analyze the standard NIST conceptual model of smart grid domains with respect to the three critical blockchain features: decentralization, trust and incentive. We integrate our findings in order to produce a fully decentralized blockchain-enabled smart grid considering NIST conceptual model. The results of this paper should help smart grid developers and researchers to obtain a conceptual reference of the overall applicability of blockchain technology in smart grid domains and sub-domains. In addition this research will help to identify and guide smart grid blockchain development and research initiatives.