Towards Blockchain-based Electricity Trading System and Cyber Resilient Microgrids

Abstract

With the impetuous growth of modernization electricity demand is at its highest peak. So power market becomes a major issue in terms of trading symmetry and security. The traditional power market is unidirectional in nature, i.e. power plant supplies electricity to the customers which leads to centralization and monopoly. As the prosumers (producer and consumer) arises, microgrid becomes popular with its bidirectional energy supply configuration. Yet, there exist several challenges in energy demand management, trading and security. This paper proposes a blockchain-based approach to address those challenges with minimal effort. A double chained model of blockchain is proposed to facilitate trading among prosumers; algorithms are designed to deploy smart contracts and to form coalition and negotiate electricity trading; several techniques and scenarios are outlined to ease implementation.