Chaincode based Energy Trading on Power Ledger Network using Hyperledger Fabric

Abstract

India’s carbon free power is on an exponential rise, and has recently surpassed 50 percent of installed capacity five years ahead of scheduled target. Growing penetration of renewables accounts to 184.62 GW which is 38 percent of the overall energy mix. By 2030, contribution of wind and solar energy is likely to cross the mark of 44 percent. Pradhan Mantri Suryoday Yojana (PMSY) gives major impetus to Residential based Roof Top Solar (RTS) scheme which alone is a significant component. Eventually, growing number of solar based Distributed Energy Resources (DERs) will result into availability of sufficient power in the households. Potential to trade excess power in the neighborhood will soon emerge and be a new norm. Conventionally, Power Purchase Agreements (PPAs) are executed between power producers and consumers forming a legal binding among the entities. Growing number of DERs will mandate resilient, secured, concurrent and faster contracting mechanisms. While, conventional PPAs are often associated with potential vulnerabilities of being tampered, thefts, inflicted destructions, foisted litigations, non-compliance issues, non-availability to all stakeholders etc. Seizing this problem, blockchain will serve as an effective solution. All requisites of contract being resilient, auto-executable, immutable and scalable will be well achieved using blockchain technology. Chaincode based PPA smart contract can ensure secured, transparent and accelerated contracting mechanism. The paper evolves client based solution in developing a decentralized application (dApp) for carrying out energy trading using Hyperledger fabric.