EnergyAuction: IoT-Blockchain Architecture for Local Peer-to-Peer Energy Trading in a Microgrid

Felipe Condon, Patricia Franco, José M. Martínez, Ali M. Eltamaly, Young-Chon Kim () and Mohamed A. Ahmed ()
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Felipe Condon: Department of Electronic Engineering, Universidad Técnica Federico Santa María, Valparaíso 2390123, Chile
Patricia Franco: Department of Electronic Engineering, Universidad Técnica Federico Santa María, Valparaíso 2390123, Chile
José M. Martínez: Department of Electronic Engineering, Universidad Técnica Federico Santa María, Valparaíso 2390123, Chile
Ali M. Eltamaly: Sustainable Energy Technologies Center, King Saud University, Riyadh 11421, Saudi Arabia
Young-Chon Kim: Department of Computer Engineering, Jeonbuk National University, Jeonju 561-756, Republic of Korea
Mohamed A. Ahmed: Department of Electronic Engineering, Universidad Técnica Federico Santa María, Valparaíso 2390123, Chile

Sustainability, 2023, vol. 15, issue 17, 1-28

Abstract: The widespread adoption of distributed energy resources (DERs) and the progress made in internet of things (IoT) and cloud computing technologies have enabled and facilitated the development of various smart grid applications and services. This study aims to develop and implement a peer-to-peer (P2P) energy trading platform that allows local energy trading between consumers and prosumers within a microgrid which combines IoT and blockchain technologies. The proposed platform comprises an IoT-cloud home energy management system (HEMS) responsible for gathering and storing energy consumption data and incorporates a blockchain framework that ensures secure and transparent energy trading. The proposed IoT–blockchain architecture utilizes a Chainlink oracle network and a private Ethereum blockchain. Through the use of smart contracts, consumers and prosumers can participate in an open auction to trade energy, while the settlement process involves acquiring external energy data from an API through the oracle network. The performance of the platform is evaluated through a testbed scenario using real-world energy data from a real house in Valparaiso, Chile, while storing those measurements in AWS cloud, validating the feasibility of the proposed architecture in enabling local energy trading. This work contributes to the development of energy management systems by providing a real-world implementation of an IoT–blockchain architecture for local energy trading. The integration of these technologies will allow for a more efficient and secure energy trading system that can benefit prosumers, consumers, and utilities.

Keywords: blockchain; local energy trading; microgrids; oracle networks; peer-to-peer (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
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