Abstract
Rising growth and development are accompanied by increasing demand for energy. The result is the increased load on power grids, higher energy costs for consumers, and increased greenhouse gas emissions. Peer-to-Peer (P2P) local energy trading is a method that can give some relaxation on all such issues. Motivated by the existing literature on integrating blockchain technology in the smart grid, this paper proposes an efficient blockchain-based P2P energy trading market for local users such as communities, residential complexes, business centres, or neighbours. Consumers have installed Renewable Energy Sources (RESs) in this arrangement, i.e., PV panels, to generate energy locally, acting as prosumers. The surplus energy, remaining after self utilisation, is traded with energy-deficit neighbours in the market at a lesser price than the grid price. This setup empowers small-scale prosumers by giving them a platform to earn profits by selling their surplus energy. This technology will increase sustainability and promotes security, transparency and decentralisation of the utility grid.
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