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A Smart Contract-Based P2P Energy Trading System with Dynamic Pricing on Ethereum Blockchain
Jae Geun Song1, Eung Seon Kang1, Hyeon Woo Shin1
1Department of Electronic Engineering, Sogang University, Seoul 04107, Korea.
Sensors (Basel, Switzerland)
|April 3, 2021
Summary
This study introduces a blockchain-based peer-to-peer (P2P) energy trading system. It ensures secure, autonomous energy transactions with dynamic pricing for microgrids.
Area of Science:
- Decentralized Energy Systems
- Blockchain Technology
- Smart Grids
Background:
- Traditional peer-to-peer (P2P) energy trading systems face challenges with high costs, security vulnerabilities, and complex overheads.
- Centralized server-based systems are susceptible to hacking and tampering, compromising transaction integrity.
Purpose of the Study:
- To implement a secure and efficient P2P energy trading system for prosumers and consumers using blockchain technology.
- To leverage smart contracts on the Ethereum blockchain for autonomous and immutable energy transaction recording.
- To address the need for dynamic pricing mechanisms to balance energy supply and demand within microgrids.
Main Methods:
- Development of a P2P energy trading system utilizing smart contracts deployed on the Ethereum blockchain.
- Implementation of features including dynamic pricing for supply-demand balancing, prevention of double-sale transactions, and autonomous operation.
- Experimentation on a testbed using Node.js, web3.js API, Ethereum Virtual Machine, Raspberry Pis, and a MATLAB interface.
- Simulation of system performance using virtual consumers and prosumers (personas) generated from benchmark data.
Main Results:
- Successful implementation of a decentralized P2P energy trading system with guaranteed transaction execution and immutable records.
- Demonstration of dynamic pricing effectively balancing supply and demand in a microgrid environment.
- Validation of system security through the prevention of double-sale issues and inherent blockchain security features.
Conclusions:
- Blockchain-based P2P energy trading offers a cost-effective, secure, and autonomous alternative to traditional systems.
- Smart contracts on Ethereum provide a robust platform for managing decentralized energy transactions.
- The implemented system effectively balances energy supply and demand through dynamic pricing, enhancing microgrid stability.
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