Energy Trading and Control in Microgrid Network by using Blockchain Technology

Abstract

In future all Energy resources will be control through the internet (IoT) both home and commercial systems. For home power system, user can installed solar or wind energy system from 1 KW to 10 MW, depend on the area and location. These Energy resources will be control by Microgrid, the microgrid can work in two mode such as stand-alone system or with grid-connected mode. To control losses and trading the energy in microgrid network. The blockchain technology is suitable for microgrid because it has potential to resolve all issues such as energy theft case or billing fraud. The blockchain is distributed ledger technology and it has the potential to improve efficiencies by updating the status of the system. Microgrid combination with blockchain provide complete solution to all previous issues, which were present in conational energy system. In this research work, the Microgrid model with blockchain technology will be analyze for the energy sector to address the issues of the present problems, such as low efficiency, market competition, improve contract system for selling energy and theft case on basis of trusted and secure transaction platform without third party.