Blockchain-Based Peer-to-Peer Sustainable Energy Trading in Microgrid using Smart Contracts

Abstract

The adaptation of renewable energy and forsaking the conventional fuels for energy generation would not be feasible solely by the government body; thus, the participation of the consumers is crucial. This paper proposes a blockchain-based Peer-to-Peer power trading system, which provides the opportunity for the consumers to contribute to the grid through renewable energy sources. With the integration of a smart microgrid, the system is intended to remain functional during the isolation from the national grid, while making the system self-sufficient. The contributors will be able to make a profit by sharing the produced energy through a smart contract. Furthermore, all the transitions take place only when the preset conditions are satisfied, besides due to the characteristics of blockchain, no participant can alter the data, making the system more reliable. The smart contract was composed in solidity language and multiple trading was performed in the Binance blockchain platform.