Open AccessP2P Energy Trading Application In Smart Grids Using Blockchain
Author(s) -
Bharath Radhakrishnan
Publication year - 2021
Publication title -
international journal for research in applied science and engineering technology
Language(s) - English
Resource type - Journals
ISSN - 2321-9653
DOI - 10.22214/ijraset.2021.38415
Subject(s) - blockchain , smart grid , computer science , certificate , smart meter , computer security , process (computing) , electricity , renewable energy , intermediary , smart contract , demand response , distributed computing , business , finance , electrical engineering , engineering , operating system , algorithm
This paper helps one to understand the concept of smart grids, blockchain, and their interaction with one another in a real-world application of the energy sector, specifically in the smart grids. Initially, we will focus on the working of smart grids and compare them with traditional models. Formalize a list of existing gaps in the present technology and solve them with the introduction of blockchain technology as the principle solution. In the current energy distribution system, when a supplier produces electricity from a renewable energy source (RES), the distribution process is highly inefficient and mismanaged. The meter readings are first logged onto a spreadsheet and then sent to the registry provider to issue a certificate. Then multiple other intermediaries are involved in the whole process, such as one to broker a deal between producers and consumers. Then another external intermediary is tasked with verifying the certificates. This causes an increase in the operational costs, errors, and multiple third parties/mediators involved, which causes a lack of trust in the system. The current system is also highly centralized, and our proposed system; this is P2P energy trading in smart grids using blockchain aims to eliminate the above drawbacks. Keywords: blockchain, certificates, IoT, smart grid.