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The World is rapidly shifting from conventional energy sources to renewable energy sources (eg, smart grid). The widespread adoption of the smart grid requires it to be attackproof and leak-proof, and demand decentralization the system for energy distribution to provide transparency in the smart grid system. However, this new modern energy system faces different challenges, such as the large-scale Internet of Things (IoT) devices adaptation, single-point failure due to a centralized system, slow transaction processing, and the emerging cybersecurity threats. To solve all these issues of the smart grid, we proposed a novel blockchain-based security scheme. This scheme is intended to secure the transactions and make the energy distribution decentralized, reliable, transparent and immutable. Instead of applying conventional blockchain protocol in the proposed scheme, we have modified the blockchain, which is more suitable in a smart grid application called Modified Blockchain (ModBlock). The decentralized nature of blockchain prohibits singular points of failure and enables secure communication between consumers and service providers. We have provided security analysis and performance evaluation. The performance evaluation showed enhancement in consensus delay, throughput, block verification time, computation cost, energy consumption, storage and communication cost compared to state-of-the-art schemes.