Peer-to-Peer Energy Trading Using Blockchain in Microgrid

Abstract

Over these years, there has been an observable effect on the environment due to Global Climatic Change. Scientists all over the world have predicted many of these disasters, and the main reason behind this is the emission of greenhouse gas. The use of fossil fuels to generate electricity contributes significantly to greenhouse gas emissions. If this conventional fossil fuel-based energy is replaced by renewable energy resources like solar energy, wind energy, etc., more than half of the emissions can be curbed. Increasing the usage of renewable sources of energy, mostly photovoltaic devices, and enabling distributed energy services will thereby encourage an energy trading environment among the users. This paper focuses on providing an approach to implement a prototype that integrates a microgrid and blockchain to trade electricity without an intermediary. It comprises of smart contracts and an interface which together forms a microgrid management system creating a peer-to-peer platform for users to trade electricity and thereby contributing towards sustainable and affordable energy.