IEEE Systems, Man and Cybernetics Magazine - January 2023 - 44

checking financial reports [14].
Furthermore, there is potential
for greater transparency in
reporting and accounting, which
can enable more efficient data
extraction and analysis. Blockchain
technology can improve
auditing efficiency, reduce errors,
and make reconciliation easier
with the use of smart contacts.
There are also other applications
of blockchain technology in
power systems, such as: 1) billing,
2) smart grid applications
and data transfer, 3) security and identity management,
4) power systems management, 5) charging solutions for
shared resources, and 6) competition through fast
switching of energy supplies. Based on Table 1, Figure 6
shows the commonly reported blockchain frameworks,
However, from
the end user's
perspective, there
is no need to have
deep knowledge
of blockchain
development and its
principle operation.
in which Ethereum is a commonly
used one [13]. This framework
benefits from the smart contract
capability. The smart contract
consists of predetermined conditions
and preferences, and allows
for the automatic transfer value
and buying and selling of electricity
between neighbors at certain
predetermined prices. In addition,
Ecochain and Hyperledger
Fabric are the other commonly
used blockchain frameworks.
PRO
DAG
5%
PYTH
FAB
42%
18%
3%
3%
EWC
5%
Characteristics and Features of
Blockchain Technology
As shown in Table 2, there are different characteristics
and features that make each blockchain platform unique.
Blockchain platforms are highly dependent on the four
main blockchain domains, which are public
permissionless, private permissionless,
public permissioned, and private permissioned.
Public means participants are
anonymous and private means participants
are known [13]. In addition, permissionless
means there is a low level of trust
among participants in the blockchain network,
and permissioned means a high
level of trust [15].
In Table 2, the advantages and disadETH
24%
ECO
Figure
6. Blockchain frameworks.
vantages of each domain are indicated.
For instance, there is a scalability concern
while using private blockchain
because it is a closed network. A public
permissionless blockchain, such as Bitcoin,
can be used to increase transparency
as anyone can participate. However,
since it is open to participation, there is a
low level of trust. A private permissioned
blockchain can be used for businesses
and environments where blockchain can
Table 2. Characteristics and features of blockchain technology [13].
Characteristics
Consensus
Anonymity of Validators
Immutability
Scalability
Privacy
Example of Framework
Public Permissionless
PoW
High
High
Low
Low
Bitcoin, Ethereum
Private Permissionless
PoA
Medium
Medium
Medium
Medium
Ripple Stellar
44 IEEE SYSTEMS, MAN, & CYBERNETICS MAGAZINE January 2023
Public Permissioned
PoS
High
Medium
Medium
Low
Ethereum Casper
Private Permissioned
PBFT
Medium
Medium
Medium
Medium
Hyperledger
IEEE Systems, Man and Cybernetics Magazine - January 2023

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