Blockchain-based Electricity Marketplace

Abstract

The concept of "energy prosumer" is a relatively new phenomenon resulting from distributed energy production through photovoltaic (PV) technology, which has blurred the line between energy producers and consumers. Blockchain technology has facilitated secure and cost-effective energy transactions among consumers, prosumers, and utilities, automating the process. This study aims to develop an agent-based modeling (ABM) simulation framework for energy exchange, demonstrating the power profiles of households and the operation of blockchain operations. The simulation was conducted in the Education City Community Housing (ECCH) microgrid, using a multi-agent framework for a transactive energy (TE) distributed energy resource (DER) that requires blockchain technology. The current blockchain-based local energy market (LEM) aims to balance supply and demand using precise short-term energy generation forecasts and home consumption estimates. This study evaluated the accuracy of state-of-the-art energy forecasting methods in predicting household energy generation and consumption. It examined the impact of forecasting errors on market outcomes under different supply scenarios. Although LSTM models may provide low forecasting errors, the researchers found that the prediction process needs modification for a LEM built on a blockchain. This study stands out from previous research by forecasting the timeline of smart meters in general.