  For more than a century, the grid has operated in a centralized top-down
fashion. However, as distributed energy resources (DERs) penetration grows, the
grid edge is increasingly infused with intelligent computing and communication
capabilities. Thus, the bottom-up approach to grid operations inclined toward
decentralizing energy systems will likely gain momentum alongside the existing
centralized paradigm. Decentralization refers to transferring control and
decision-making from a centralized entity (individual, organization, or group
thereof) to a distributed network. It is not a new concept - in energy systems
context or otherwise. In the energy systems context, however, the complexity of
this multifaceted concept increases manifolds due to two major reasons - i) the
nature of the commodity being traded (the electricity) and ii) the enormity of
the traditional electricity sector's structure that builds, operates, and
maintains this capital-intensive network. In this work, we aim to highlight the
need for and outline a credible path toward restructuring the current
operational architecture of the electricity grid in view of the ongoing
decentralization trends with an emphasis on peer-to-peer energy trading. We
further introduce blockchain technology in the context of decentralized energy
systems problems. We also suggest that blockchain is an effective technology
for facilitating the synergistic operations of top-down and bottom-up
approaches to grid management.
