Abstract
In residential microgrids, rooftop solar power generation is becoming increasingly common. A new concept in electricity markets, such as peer-to-peer (P2P) auctions, is also emerging. In these markets, consumers and prosumers can exchange locally generated power directly with each other without relying on an intermediary. This approach promotes sustainable development. However, data security is a major concern in energy trading. Consequently, the use of blockchain technology in power markets has become more widespread. Blockchain can facilitate the trading of power from P2P sources. This paper presents the design and algorithms for automating energy trading through smart contracts, utilizing Home Energy Management Systems (HEMS) and Smart Meter Gateways (SM) for prosumers, consumers, and utilities. Simulations across various microgrid setups validated the peer-to-peer (P2P) energy market on the blockchain network. This framework increases profits for prosumers and consumers trading with each other, the necessity of blockchain operators for updating smart contracts and managing participants, the economic impracticality of current high gas costs on Ethereum, and the benefit of a closer bidding range for profit generation in P2P energy markets.
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