An Ethereum Oracle-based solution for P2P Energy Trading Market

Abstract

The increasing demand for renewable energy and sustainable development has led to the evolution of peer-to-peer (P2P) energy exchange models, transitioning from traditional centralized distribution to decentralized marketplaces. This paper presents an overview of the P2P energy market and then analyzes the potential of blockchain technology, highlighting how Ethereum smart contracts and oracles can provide significant support in energy trading and certification processes. By integrating data from smart meters through Ethereum oracles, we propose a basic starting theoretical framework for verifying renewable energy production, make transactions within the P2P market and use renewable energy credits within the real community. This approach provides transparency and trust among participants and addresses regulatory and technical challenges by providing a verifiable and decentralized ledger of energy transactions. Our proposal emphasizes the feasibility of a blockchain-based P2P energy trading system that empowers consumers as active participants, promoting a more resilient and sustainable energy landscape. The results of this paper are to show a theoretical blockchain architecture that facilitates renewable energy certification and decentralized trading, aligning with global sustainability goals and providing a basis for the creation of decentralized local markets and energy communities.