GreenCoin: Empowering smart cities using Blockchain 2.0

Abstract

The work presented in this paper aims to propose a novel idea to use blockchain technology and IoT devices or solar devices that generate solar power for smart power distribution within the ecosystem for optimal and secured transactions for the demands of many smart cities. The blockchain 2.0 provides a consensus-based mechanism for programmable transactions. The paper presents a blockchain based power distribution ecosystem for smart cities by incorporating a wallet-based currency, called “Green Coin”, for power transactions of buying, selling and lending. It integrates negotiation model for monopoly avoidance and a transparent and fair system to every Power Service Provider (PSP) in the system.