IMPLEMENTING BLOCKCHAIN TECHNOLOGY FOR ENERGY TRADING


EOI: 10.11242/viva-tech.01.05.001

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Citation

Siddhesh Sawant, Prof. Bhushan Save, Snehal Pashte, Vedant Gadhari, "IMPLEMENTING BLOCKCHAIN TECHNOLOGY FOR ENERGY TRADING", VIVA-IJRI Volume 1, Issue 7, Article 1, pp. 1-4, 2024. Published by Electrical Engineering Department, VIVA Institute of Technology, Virar, India.

Abstract

“IMPLEMENTING BLOCKCHAIN TECHNOLOGY FOR ENERGY TRADING” The landscape of energy management systems is undergoing a transformative shift, transitioning from centralized management to distributed energy management systems for enhanced energy ef iciency. Within the realm of distributed energy management, two distinct user types emerge: 1) those with surplus energy generation and 2) those facing a deficit in energy generation compared to their demands. This project aims to address the energy generation imbalance among distributed users through the implementation of a peer-to-peer (P2P) energy trading platform. Notably, blockchain technology is proposed as a pioneering solution, providing a secure and reliable framework for executing P2P transactions without the need for centralized broker intervention. The decentralized application characteristics inherent in blockchain facilitate the trading of energy generated by distributed users within the proposed platform. To augment user accessibility, a mobile application is established for monitoring transaction information, including transaction details and energy prices. This initiative aims to create a more balanced and ef icient energy ecosystem.

Keywords

Block chain, Energy, Generation, Trading, Transaction.

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