Smart Contract: Blockchain-based Energy Exchange Framework with reduced Transaction Cost

Abstract

Smart grid is an innovation in a communication network, interconnected power framework, advanced control technology, and smart metering has been applied to work on the usage of renewable energy resources and alleviate the energy emergency somehow. Blockchain is basically a decentralized accounting ledger with the potential to enable, manage, track and verify thousands of energy transactions per second. The blockchain energy market is proposed to be utilized by networks that share a nanogrid. The application permits nanogrid participants that have an abundance of electrical energy, to offer that energy to different clients of the nanogrid. The application gives a decentralized marketplace for executing electrical energy. Since this blockchain energy market is implemented by Ethereum smart contract, it suffers from the high operating costs that result from the contract's high gas consumption. Ethereum smart contracts are implemented by reworking on acceptoffer function to verifies its validity and withdraw function which uses a single function call for multiple energy transfer contracts to decrease the operation cost.