Recent developments and challenges using blockchain techniques for peer-to-peer energy trading: A review

Abstract

Energy commerce models have changed due to the proliferation of renewable energy sources, moving from centralized to decentralized systems. Although a crucial element of these schemes is blockchain technology, problems with poor productivity, expensive transaction fees, and privacy and security concerns still exist. Although new ideas and techniques have been proposed to address these problems, unsolved regulatory frameworks and environmental difficulties still exist. Power sales agreements, electrical marketplaces, the benefits and drawbacks of energy trading, the design of trading platforms, market participant responsibilities, and energy trading are all covered in this article. Blockchain technology may improve security, lower prices, lessen the impact of distributed generation on the electrical grid, boost the advantages of energy storage, and attract social capital for shared energy storage. Because of the worldwide energy issue, automation must be included in the electrical industry. Energy waste may be decreased, and energy conservation can be aided via the Internet of Things (IoT). This paper investigates a blockchain-controlled microgrid model for smart meters and IoT, particularly on peer-to-peer interactions in conventional and non-conventional energy sources.

Keywords

• Energy trading
• Power systems
• Energy management
• Cybersecurity
• Microgrid
• Smart grid