A blockchain-based efficient data storage and sharing scheme for renewable energy trading in smart grid. (12th October 2022)

• Record Type: Journal Article
• Authors: Khan, Md. Tayeen; Dowla, Md. Nozib Ud; Niloy, Fardin Ahmed
• Is Part Of: International journal of blockchains and cryptocurrencies. Volume 3:Number 3(2022)
• Page Start: 222
• Page End: 234
• Publication Date: 2022-10-12
• Subjects: blockchain -- renewable energy trading -- interplanetary file system -- proof of authority -- PoA -- smart grid; Blockchains (Databases) -- Periodicals; Cryptocurrencies -- Periodicals; Electronic funds transfers -- Periodicals; 332.404
• Languages: English
• ISSNs: 2516-6425

Abstract

The popularity of renewable energy is increasing due to its cost effectiveness. However, not everyone can generate and fulfill their energy demand, so energy trading is necessary. Current solutions are centralised and charged at a high fee for energy trading as they have a monopoly in the market. Energy trading requires the storage, verification, and sharing of data related to the trade while keeping records tamper-proof. Traditional database solutions are centralised and susceptible to data tempering. In our proposed scheme, we aim to solve those problems with the help of blockchain technology by storing data on blockchain and verifying transactions with the PoA consensus algorithm for faster processing. We tested our scheme against the Ethereum network and found that our scheme has a significant improvement in cost and processing. In the future, with the help of machine learning, pricing for each transaction can be optimised.