Blockchain For Transactive Energy Marketplace

Abstract

The term “energy prosumer” refers to a new job category that has emerged with the advent of distributed energy production via residential and commercial photovoltaic (PV) applications. The conventional distinction between energy providers and consumers becomes muddled as a result. For the procedure to be automated, blockchain technology has been used. This will make it easier for consumers, prosumers, and utilities to deal directly with energy safely, conveniently, and cost-effectively. This research aims to provide an agent-based modeling (ABM) simulation framework for energy exchange, exhibiting the anticipated power profiles of families and illustrating the operation of blockchain operations (see Figure. 1). A distributed energy resource (DER) of the transactive energy (TE) type was simulated inside the Education City Community Housing (ECCH) microgrid using a reliable multi-agent framework. Blockchain technology is necessary for this. Current blockchain-based local energy market (LEM) plans depend on precise short-term energy generation forecasts and home consumption to balance supply and demand. The present research evaluated the precision of cutting-edge energy forecasting methods in estimating homes’ energy production and consumption. It examined the effects of forecasting mistakes on market results under various supply scenarios. While LSTM models may provide few forecasting errors, the researchers discovered that the prediction process must be changed for a LEM constructed on a blockchain. Since this study tries to predict the timeline of smart meters generally, it sets itself apart from past investigations.