Blockchain and Smart Contract based Decentralized Energy Trading Platform

Abstract

The blockchain technology and smart contracts have opened up several new horizons for the energy sector. One of them is the possibility of local energy trading in which prosumers can trade their excess energy at the desired price without intermediaries. This paper presents a blockchain and smart contract-based trading platform to realize such kind of local energy trading. The blockchain technology is used to record the power deliveries and transactions, while the smart contract is used to check necessary conditions before executing the energy transactions. An interactive web-based user interface is developed to access the decentralized energy trading platform that incorporates the secure financial and energy deviation settlement mechanisms. It aims to provide transparency, energy affordability, and energy self-sufficiency to the prosumers and consumers at the edge of the grid. It also seeks to increase the usage of distributed renewable energy-based generations and promotes long-term energy security.