Designing Smart Energy Contract with Blockchain Technology

Abstract

Recently, the disruption of blockchain technology has changed the business world, including supply and use of electrical energy. The article addresses the advantages of blockchain technology to a national utility company to act both roles as producer and consumer (prosumers) of electricity to maximize all electricity capacity. The prosumer role encourages the collaboration of independent small and medium utility producers in a business ecosystem to assist managing national wide electricity distribution. The article uses the Blockchain 2.0 framework that links all parties in prosumer role in smart contract mechanism. Participants in the system enable to exchange their data transactions in open platform collaboration easily and securely. The outcome of the article is expected to invite more startups to participate to assist national utility company in efficiently manage electricity investment and distribution.