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Smart grid’s two-way street digital communication, has raised the standards of humans by promoting improved efficiency, reduced cost, minimized energy consumption and reliability in the energy supply chain. But the security risks in smart grids are also scaling up with the increased demand for this industry. With its prevailing need, it has become one of the constant targets of hackers. For instance, take account of successive hacker attacks in Ukraine power grids, which created a major uproar causing power outages twice in 2015 and 2016. These crimes are continuously occurring because smart grids operate on automation and remote access without any authorization or authentication granting a clear opening for cyber crimes and cyber threats. But this can be altered by implementing blockchain, that can act as an ultimate gatekeeper in smart grids.
As a decentralized ledger, blockchain acts as a security barricade for smart grids enabling access only for the authorized user with their public-private encryption that can be processed only by cryptographic keys. Moreover, blockchain stores all the changes and records of the accessed user providing transparency to a greater extent. All these factors conclude that blockchain can promote a safe and secure environment thwarting cyber attacks and cyber risks ensuring no room for hackers.
Additionally, using blockchain data can be shared in real-time between distributed gadgets seamlessly. As blockchain can able secure transactions, it opens an effective pathway for trade in smart grids offering greater reliability with a constant record of all the transactions. Blockchain allows its user to use digital tokens, cryptocurrencies such as bitcoin, ripple, Litecoin, Dash, and more for its transactions.
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