Conceptualizing Blockchain based Energy Market for Self Sustainable Community

Abstract

With a spectacular boom in blockchain technologies at various verticals and with the increase in renewable energy penetration, these could solve one of the major issues in Power Systems - Energy Demand Management by the utilities. Blockchain being a distributed architecture, it could fit into the deregulated energy market to enable energy trading in a self sustainable energy community and manage the power demands among the community members. As proof of concept, the blockchain technology is introduced in a smart community where consumers take part in energy trading among themselves as well as with the utility. In this paper, three use cases for P2P energy trading in a private blockchain network is discussed. The blockchain architecture is developed using the Hyperledger framework and the smart contracts are defined in the chaincode. The performance of the blockchain network on resource constrained IoT system based on Raspberry Pi is also evaluated.