Blockchain based Secure Energy Marketplace Scheme to Motivate Peer to Peer Microgrids

TL;DR

This paper introduces a blockchain-based decentralized energy marketplace scheme for microgrids, enhancing security and efficiency by enabling peer-to-peer energy trading with smart contracts and a secure execution environment.

Contribution

It proposes a novel blockchain-enabled marketplace with an added security layer for secure, decentralized energy transactions in microgrids, addressing operational and security challenges.

Findings

Enhanced security with shielded execution environment.

Facilitated peer-to-peer energy trading.

Reduced reliance on third-party energy providers.

Abstract

In the past years trend of microgrids is increasing very fast to reduce peak-hour costs. However, in these systems, third parties are still involved in selling surplus energy. This results in increased cost of energy and there are many operational and security barriers in such systems. These issues can be solved by the decentralized distributed system of microgrids where a consumer can locally sell their surplus energy to another consumer. To deploy such a system, one must consider security barriers for the transaction of energy. This paper proposes a solution to these problems by devising a scheme as a marketplace where users interact with each other to buy and sell energy at better rates and get energy-generating resources on lease so that users do not have to worry about capital investment. Agreement between owner of resources and consumer is recorded on blockchain based smart contracts. In this paper, a survey is performed for existing well known, decentralized energy solutions. This paper also proposes an extra layer of security to leverage a shielded execution environment so that information of energy generated, utilized, and shared cannot be changed by consumers and third parties even if the system is compromised.