A peer-to-peer verifiable and secure energy trading framework based on blockchain technology

Abstract

Blockchain technology is currently being adopted in several domains and applications, including the energy domain and specifically in smart grids. One of the principal applications of blockchain technology is peer-to-peer energy trading among stakeholders of smart grids, providing trusted transactions without the need of third parties. Also, e-auctions are rapidly growing as a means of e-commerce that allows direct product bidding through the internet, but where mutual trust may otherwise be undermined by possible malicious sellers, buyers or third parties. This paper introduces a blockchain-based e-auction framework to offer a safe, trusted and privacy preserving energy exchange mechanism between EPES stakeholders of an islanded part of the grid. Furthermore, this framework utilises blockchain solutions for monitoring the security status of smart grid devices in order to confront any transactions involving malicious parties or parties with compromised equipment.