An Empirical Analysis of Blockchain Using a Decentralized Technique for Electricity Load Dispatch

Abstract

In the dynamic landscape of technological evolution, the imperative for progress remains constant. Much like the inherent law of nature, technological advancements play a pivotal role in the development of countries, regions, and areas. A critical facet contributing to this development is the "Power Sector," universally acknowledged as the backbone of a nation's progress. Therefore, it is paramount that the power generation sector consistently employs cutting-edge technology to ensure optimal outcomes, including minimized costs, reduced time, and high-quality output.

Over time, modern technology has undergone significant transformations. This paper explores the transition from traditional "Load Dispatch Centres" in interconnected power systems to more contemporary solutions. These centres traditionally formulate plans for all power plants to generate the required power with minimal costs, leveraging historical data to predict current load dispatch schedules. While effective, the centralized nature of these systems poses limitations. This paper proposes the integration of blockchain technology to address these challenges, specifically in the context of a private blockchain. By leveraging the features of a distributed network, a private blockchain can revolutionize load dispatch operations, eliminating centralization-related restrictions and reducing dependence on historical data.