Blockchain-Based Secure Energy Trading With Mutual Verifiable Fairness in a Smart Community

Abstract

This article proposes an energy trading model basedon blockchain to manage and supervise the trading process. In the model, proof-of-energy reputation generation and proof-of-energy reputation consumption consensus mechanisms are proposed to solve the high computational cost and huge monetary investment issues created by the existing consensus mechanisms. Similarly, a mutual verifiable fairness mechanism based on time commitment is presented, which is introduced to prevent cheating attacks in the model. The proposed model’s performance is assessed using energy cost, peak-to-average ratio, and trust. The simulation results show that the energy cost of the proposed model decreases by 40%. The results for the load balancing depict that the values of peak-to-average ratio of the proposed model with 20% and 50% peak demand reduction are 6.88 and 3.50, which are lower than 9.17 of the benchmark model. Moreover, the proposed model’s results show satisfactory performance for privacy and security of the system.