VCG Auction Mechanism based on Block Chain in Smart Grid

Abstract

We design the power smart contract system based on VCG-auction-based transaction algorithm and block chain in the power trading market consisting of Prosumer (producer + consumer) capable of producing renewable energy. The analysis of the advantages and disadvantages of renewable energy and the differences between power sources are analyzed in detail. Investigate production and storage technology of renewable energy. The requirements and roles are organized from the perspective of the buyer/seller/intermediation system/blockchain, and the scenario is established. Establish overall system flow.