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A Blockchain-based Smart Contract Model for Secured Energy Trading management in Smart Microgrids
  • +4
  • Yuanchao HU,
  • Xiaole SU,
  • Wei LIU,
  • Zhipeng JIANG,
  • Chan QIU,
  • Jie XIONG,
  • Ju SUN
Yuanchao HU
Shandong University of Technology

Corresponding Author:[email protected]

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Xiaole SU
State Grid Hubei Power Supply Limited Company Ezhou Power Supply Company
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Wei LIU
State Grid Hubei Power Supply Limited Company Ezhou Power Supply Company
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Zhipeng JIANG
State Grid Hubei Power Supply Limited Company Ezhou Power Supply Company
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Chan QIU
State Grid Hubei Power Supply Limited Company Ezhou Power Supply Company
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Jie XIONG
State Grid Hubei Power Supply Limited Company Ezhou Power Supply Company
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Ju SUN
State Grid Hubei Power Supply Limited Company Ezhou Power Supply Company
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Abstract

The extension of emerging renewable energy sources such as wind and water turbines, solar panels, and the increasing usage of electric vehicles requires the supply and distribution of energy in a small device on local scale and it has created new methods of supplying and selling electricity. Middle buyers and end users can obtain the local energy with the peer-to-peer trading method in this large and hierarchical market. This method enables market to manage and exchange the electricity between major suppliers and medium and local levels. Blockchain technology is developing in peer-to-peer exchange of electricity and acts as a reliable, efficient and safe technology in the electricity trading market. In this method, while preserving the privacy of electricity users, by using smart contracts and by removing intermediaries in the energy supply and demand market, direct commercial interactions between energy suppliers and consumers are done. The Blockchain technology, while creating trust between the parties in the energy market, reduces the cost of electricity trading and increases its scalability with using the intermediate energy aggregators. In this research, the blockchain-based model, is presented for distribution and peer-to-peer transactions in the energy market. The suggested model provides the possibility of registration low-cost instant transactions at the power grid in any specific period of time. The above method, unlike periodic payments, provides immediate access to bills and small payments. Since the transactions outside the blockchain chain are not recorded, this system guarantees its honest and independent operation without fraud and failure. The smart contract method based on blockchain, reduces the transaction fees and speeds up electricity trading.
09 May 2023Submitted to Security and Privacy
09 May 2023Submission Checks Completed
09 May 2023Assigned to Editor
09 May 2023Review(s) Completed, Editorial Evaluation Pending
09 May 2023Reviewer(s) Assigned
20 May 2023Editorial Decision: Revise Minor
30 Jun 20231st Revision Received
03 Aug 2023Submission Checks Completed
03 Aug 2023Assigned to Editor
03 Aug 2023Review(s) Completed, Editorial Evaluation Pending
03 Aug 2023Reviewer(s) Assigned
11 Aug 2023Editorial Decision: Accept