An Efficient Algorithm for Peer-to-Peer Energy Trading Using Blockchain in Microgrid Energy Markets

Nahid-Ur-Rahman Chowdhury, Khairul Islam and Fayazul Hasan
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Nahid-Ur-Rahman Chowdhury: Dept. of EEE, Ahsanullah University of Science and Technology

European Journal of Electrical Engineering and Computer Science, 2019, vol. 3, issue 3

Abstract: Electricity generation from distributed renewable energy sources is strongly increasing worldwide. Due to their intermittency in nature, the large scale integration of these renewable energy sources creates acute challenges to the existing energy system network. Thus, it is highly demanding to secure a reliable balance between energy generation and consumption. To overcome such challenges, peer-to-peer energy trading using blockchains on microgrid networks can play a significant role. In this paper, we present the concept of an efficient algorithm that can be useful for energy trading using blockchain from both the prosumers and consumers end. We also show the detailed outline of the methodology for energy transactions in a comprehensive way. The outcome of this study prove that if implemented properly this methodology can efficiently balance supply and demand locally and provide socio-economic benefits to the participants.

Keywords: Peer-to-Peer Energy Trading; Blockchain; Microgrid Energy Market; Decentralized Energy System (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:epw:ejece0:v:3:y:2019:i:3:id:19080

DOI: 10.24018/ejece.2019.3.3.80

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