Adoption of Blockchain Platform for Security Enhancement in Energy Transaction

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.