Decentralized Energy Trading Framework With Active Pricing Via Blockchain Smart Contracts

Abstract

With the use of IoT devices and blockchain technologies, consumers can purchase and sell energy straight from the grid instead of going via retailers. Here, existing research proposed a various model but it has several limitations such as scalability, less optimal, and efficiency. Therefore, this research proposed a novel Decentralized Energy Trading Framework via Block-chain Smart Contracts. Initially, we obtain a dataset, which consists of total incoming energy (from producers), total outgoing energy (to consumers), price for incoming energy, and price for outgoing energy. Then, this research proposed a Concatenate Hash approach, to generate private and public keys to enhance security and efficiency. Following that, this research proposed a Weighted Scoring Technique for energy trading here Deputized Proof of Stake (DPOS) is used to verify the integrity of blocks which increases scalability and efficiency by reducing the number of participants in the consensus process. Then, for energy trading the consumer could calculate a score for each prosumer using a weighted average considering both energy availability and price. Moreover, Profit generating is the primary factor used to encourage customers and buyers to take part in suggested P2P energy trading. Consequently, Income Generation based on an active pricing strategy was proposed by this research. As a result, our proposed approach has less latency, higher throughput, and security.