Designing Microgrid Energy Markets Using Smart Information System and Blockchain Technology

Abstract

Energy generated through centralized power plants is eventually being replaced by Renewable energy. Due to its highly volatile nature, it aids to the fluctuations in the generation of power. These fluctuations cause major inconvenience to the consumers. Due to these disadvantages, the integration of RE into the grid poses serious challenges. The conventional grid system is also not secure from hacking. We must ensure a reliable balance between generation, consumption, and the players in the grid. We also need to make sure the grid and the communication in the grid network is secure. To tackle these challenges, we introduce a trade between the prosumers and consumers in a Peer-to-Peer fashion. All this can be achieved with the help of a blockchain network and smart contracts. Blockchain is a safe, secure and reliable platform and is tamper-proof. This paper presents the use of Blockchain and smart contracts to design a framework for energy trading in the developing countries.