Blockchain-Based Peer-to-Peer Transactive Energy Management Scheme for Smart Grid System

Abstract

In Smart Grid (SG), Transactive Energy Management (TEM) is one of the most promising approaches to boost consumer participation in energy generation, energy management, and establishing decentralized energy market models using Peer-to-Peer (P2P). In P2P, a prosumer produces electric energy at their place using Renewable Energy Resources (RES) such as solar energy, wind energy, etc. Then, this generated energy is traded with consumers (who need the energy) in a nearby locality. P2P facilitates energy exchange in localized micro-energy markets of the TEM system. Such decentralized P2P energy management could cater to diverse prosumers and utility business models. However, the existing P2P approaches suffer from several issues such as single-point-of-failure, network bandwidth, scalability, trust, and security issues. To handle the aforementioned issues, this paper proposes a Decentralized and Transparent P2P Energy Trading (DT-P2PET) scheme using blockchain. The proposed DT-P2PET scheme aims to reduce the grid’s energy generation and management burden while also increasing profit for both consumers and prosumers through a dynamic pricing mechanism. The DT-P2PET scheme uses Ethereum-blockchain-based Smart Contracts (SCs) and InterPlanetary File System (IPFS) for the P2P energy trading. Furthermore, a recommender mechanism is also introduced in this study to increase the number of prosumers. The Ethereum SCs are designed and deployed to perform P2P in real time in the proposed DT-P2PET scheme. The DT-P2PET scheme is evaluated based on the various parameters such as profit generation (for prosumer and consumer both), data storage cost, network bandwidth, and data transfer rate in contrast to the existing approaches.

A Definitive Technology Stack for Development of Smart Contracts for Energy Applications

“…5) Grid Managament: At present, the improvement of Internet of Things (IoT) devices results in superior control, knowledge, monitoring of the grid, and the entire power system. In this aspect, when any fault arises in the grid, the data can be securely synchronized from the Phasor Measurement Unit (PMU) by employing smart contracts [21]. Furthermore, automatically managing actuators or getting control evaluations among inconsistent set points demands from various resources of the grid can easily be done through smart contracts.…”

“…There is a lot of ongoing research and development on smart contract decentralized energy applications, [1] and [2] contain a systematic review of more than 100 blockchain research projects and initiatives undertaken by companies and research organizations. Going through the literature review, it is observed that most of the works propose smart contractbased solutions for energy and flexibility trading (peer to peer [3], [15], peer to grid [4]), market design [5], distributed control(electric vehicle management [19], battery management [20]), grid management [21], [22], carbon audits and certifications [6]. Some research papers address standardization of smart contracts within the field of energy [7] and its role in digital green transition of energy industry [8].…”

A lightweight smart contracts framework for blockchain‐based secure communication in smart grid applications

“…Badshah et al [27] presented a lightweight authenticated key exchange scheme for blockchainenabled smart energy systems. Kumari et al [28] presented a decentralized and transparent P2P energy trading scheme ( − 2 ) in the smart grid. The  − 2 scheme which employs an Ethereum blockchain-based smart contracts and interplanetary file system for the energy trading in the smart grid.…”

“…Kumari et al. [28] presented a decentralized and transparent P2P energy trading scheme ($$\mathcal{D}\mathcal{T} - \mathcal{P}2\mathcal{P}\mathcal{E}\mathcal{T}$$) in the smart grid. The $$\mathcal{D}\mathcal{T} - \mathcal{P}2\mathcal{P}\mathcal{E}\mathcal{T}$$ scheme which employs an Ethereum blockchain‐based smart contracts and interplanetary file system for the energy trading in the smart grid.…”

Applying Access Control Enabled Blockchain (ACE-BC) Framework to Manage Data Security in the CIS System

“…Recently, blockchain has provided an alternative route to increased security that is less explored and far less appealing to cybercriminals [ 9 ]. The blockchain method is more efficient at confirming data ownership and integrity, reducing vulnerabilities, and providing robust encryption [ 10 ]. Controlling unauthorized persons’ access to and use of a company’s data and resources is critical for keeping that data secure [ 11 ].…”