Secure and Decentralized Peer-to-Peer Energy Transactions using Blockchain Technology
Antar Kumar Biswas, Masoud H. Nazari
TL;DR
This paper introduces a blockchain-based decentralized P2P energy trading system that ensures secure, transparent, and scalable transactions, optimizing profits and social welfare in distributed energy markets.
Contribution
It proposes a novel decentralized bidding strategy and demonstrates the system's effectiveness through Ethereum testnet simulations.
Findings
Blockchain ensures secure and transparent energy transactions
Decentralized bidding maximizes individual profits
System enhances social welfare in energy markets
Abstract
This paper presents an optimal peer-to-peer (P2P) energy transaction mechanism leveraging decentralized blockchain technology to enable a secure and scalable retail electricity market for the increasing penetration of distributed energy resources (DERs). A decentralized bidding strategy is proposed to maximize individual profits while collectively enhancing social welfare. The market design and transaction processes are simulated using the Ethereum testnet, demonstrating the blockchain network's capability to ensure secure, transparent, and sustainable P2P energy trading among DER participants.
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Taxonomy
TopicsBlockchain Technology Applications and Security · Caching and Content Delivery · IoT and Edge/Fog Computing