Blockchain for Peer-to-Peer Transactive Energy Trading in Networked Microgrids: Providing an Effective and Decentralized Strategy

Abstract

Renewable energy resources are key components of the sustainable social development that has been rapidly deployed in recent years. The proliferation of renewable energy resources promotes socioeconomic development in various parts of the world, and islandable microgrids (MGs) play an increasingly important role in such development. MGs represent a viable alternative to conventional bulk power transmission for addressing the vulnerabilities of long-distance power delivery from centralized generation units to distributed customer sites. A controllable MG equipped with on-site distributed energy resources (DERs), which could include distributed generators, energy storage, and economic demand responses, cultivates local resources to enhance the reliability, resilience, sustainability, security, and economics of local power systems.