Blockchain-Powered Peer-to-Peer Energy Trading: A Comprehensive Framework for Secure, Transparent, and Direct Transactions in the Energy Sector Optimization Algorithm

Abstract

While blockchain technology is viewed to revolutionize the energy sector by its cryptography-based, open, and direct peer-to-peer energy trading (P2PET) from producer to consumer, the current paper focused on the blockchain framework developed that allows for P2PET in the retail electricity market. The platform makes sure that there is proper supply-demand matching, transaction streamlining, and increased need for direct interaction, hence reducing the need for brokers on the platform. Its design monitors the entire energy trading process, with smart contracts automating payments and transactions to ensure security and fairness. Tests in a private Ethereum environment demonstrate benefits like accurate market pricing, fair profit distribution, and better renewable energy integration. It also incentivizes the participation of stakeholders in the P2PET through high-value information on gas usage, introducing computational efficiency. Besides, this proposed model adopted a consensus mechanism that would guarantee the permanence, scalability, and robustness of transactions across ...