Adoption of Blockchain Platform for Security Enhancement in Energy Transaction

TL;DR

This paper presents a blockchain-based platform designed to secure energy transactions in renewable energy markets, reducing costs and integrating IoT, while addressing security and privacy concerns in P2P energy trading.

Contribution

It introduces a novel blockchain platform for secure, cost-effective energy exchange and discusses its integration with IoT and security mechanisms in P2P energy markets.

Findings

Blockchain enhances security in energy transactions.

The platform reduces operational costs.

It supports IoT integration for energy management.

Abstract

Renewable energy has become a reality in the present and is being preferred by countries to become a considerable part of the central grid. With the increasing adoption of renewables it will soon become crucial to have a platform which would facilitate secure transaction of energy for consumers as well as producers. This paper discusses and implements a Blockchain based platform which enhances and establishes a secure method to exchange energy. It would also lower the operation costs and accommodate other technologies like the IoT. A basic market mechanism has been developed for peer-to-peer (P2P) transaction of energy where different types of entities can be directly involved. Another concept which is discussed in the paper is the consensus mechanism and whether the model market could hold the security and privacy of the individual users.