Blockchain and Reverse Auction-based EVs Energy Trading Approach for Optimal Pricing

Abstract

This paper proposes a reverse auction and blockchain-based electric vehicles (EVs) energy trading (ET) approach by adopting the smart grid. EVs can be classified into prosumer or consumer during the ET in the proposed approach. We further introduced the Interplanetary File System (IPFS)-based cost-efficient ET approach considering the sixth-generation (6G) wireless network to address the scalability and response time issues of the data transactions. Furthermore, the proposed approach leverages a reverse auction mechanism for optimal ET for EVs. The reverse auction mechanism maximizes the profit for EVs participating in the ET scheme using smart grid. Based on the reverse auction mechanism, a consumer can choose to trade energy with the prosumer or smart grid based on solar panel efficiency. Finally, the proposed approach is simulated considering the various performance metrics such as transaction efficiency, profit for consumers, and convergence to enable an optimal and efficient ET system.