Automated Energy Billing with Blockchain and the Prophet Forecasting Model: A Holistic Approach

TL;DR

This paper introduces an integrated system combining IoT, blockchain, and Prophet forecasting for automated, secure, and accurate energy billing, aiming to improve efficiency, transparency, and sustainability in energy management.

Contribution

It presents a novel holistic framework that combines real-time IoT monitoring, blockchain-based billing, and advanced demand forecasting, which has not been previously integrated in this manner.

Findings

Enhanced billing accuracy and security through blockchain implementation.

Improved energy demand predictions using the Prophet model.

Reduced manual errors and increased user engagement.

Abstract

This paper presents a comprehensive approach to automated energy billing that leverages IoT-based smart meters, blockchain technology, and the Prophet time series forecasting model. The proposed system facilitates real-time power consumption monitoring via Wi-Fi-enabled ESP32 modules and a mobile application interface. It integrates Firebase and blockchain for secure, transparent billing processes and employs smart contracts for automated payments. The Prophet model is used for energy demand forecasting, with careful data preprocessing, transformation, and parameter tuning to improve prediction accuracy. This holistic solution aims to reduce manual errors, enhance user awareness, and promote sustainable energy use.