The smart grid refers to next generation power grids, with multi-directional flows of electricity and information to make a wide distributed network. Through smart grid, the power system becomes smart by communicating, sensing, control and applying intelligence. For ideal system, the smart grid technologies are more compatible to permits many functions which can optimize with the combination of the use of bulk generation and transmission. The Smart grid is also kept the environment free from pollution; minimize the cost, effective operations, against all types of hazards and danger. In this review, we discuss the smart grid technology, its standard and recent challenges. We explore the different projects of the smart grid in developed countries and discuss the implementation challenges for undeveloped countries
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