Blockchain-based Power Trading Process

Abstract

Recently, the paradigm of the power industry has been digitalization with a focus on renewable energy. With this shift toward the energy-ICT convergence accelerator, there will also be many changes in effect energy policies. In particular, in terms of energy demand management, there will be regional-centric, self-reliant decentralization, and the activation of Distributed Energy Resources (DERs) including renewable energy will result in the deployment of microgrid-type virtual power plants on a region-wide basis. This paper designs a blockchain-based power transaction process in which individuals (producers) can produce and use power themselves or sell the remaining power to others, rather than transmitting and using the developed power from the existing centralized power. 1

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