Abstract:
Power is considered as bone for life, life line of a country’s economy; a key instrument for the socio-economic evolution of any country. Pakistan is in severe energy crisis which is sadly obstructing the economic growth. The prime concern of power security is associated with the accessibility of suitable power supply in consistent and economical way to meet future energy demand. Pakistan faces the issue of power theft which worsen the economy of utilities. The solution is normally pursued through capacity improvement, demand management and power control. The purpose of research is to perceive and pursue the stimulus of socio-economic context of illegal power consumption. Research explores the advent of blockchain in the power sector, insights some overview of the blockchain; a trending technology of the modern era and discusses how this technology can be helpful for preventing power theft and electricity crisis in a secure and trusted way. Research provides arguments for suitable consensus protocols for the power theft issue for different scales of consumers; results showing automated and pre-selected processing time of different transactions running on different nodes of POS and POA along with line graphs. By Comparative analysis of POS and POA; we find that there is no such difference in performance of both, as POA is a derived form of POS; the only difference is in their governance type. Research explores blockchain success factors by keeping in view the health of blockchain in terms of quality assurance.
