SmartChain: A Smart and Scalable Blockchain Consortium for Smart Grid Systems

Abstract

Smart grid (SG) provides a peer-to-peer energy trading mechanism wherein the electric vehicles (EVs) can trade for energy with their peers using the information and communication technologies. However, the dependence on third party for coordinating the energy trading decisions leads to a bottleneck for any distributed environment. Therefore, blockchain technology can provide a privacy-preserving and effective consensus mechanism without the control of trusted third party. Although blockchain provides inherent secure framework for transactional process, but the this security is because of computational complexity enforced. In SG environment, the conventional blockchain process could not be employed due to limited computational resources with EVs, which makes it difficult to solve the tough computational puzzles to validate the transactions. On the other hand, any compromise on the computation difficulty makes it more vulnerable to various types of attacks. Therefore, in this paper, SmartChain: a blockchain inspired smart and scalable ledger framework which does not require much computational complexity is designed for secure peer-to-peer energy trading in SG ecosystem. The proposed framework is evaluated using the parameters such as execution and validation time. The results obtained depict the superiority of SmartChain in contrast to the conventional blockchain process.