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Proof of Work Consensus Based Peer to Peer Energy Trading in the Indian Residential Community

Author

Listed:
  • Vikash Kumar Saini

    (Center for Energy and Environment, Malaviya National Institute of Technology, Jaipur 302017, India
    These authors contributed equally to this work.)

  • Chandra Shekhar Purohit

    (Center for Energy and Environment, Malaviya National Institute of Technology, Jaipur 302017, India
    These authors contributed equally to this work.)

  • Rajesh Kumar

    (Department of Electrical Engineering, Malaviya National Institute of Technology, Jaipur 302017, India
    These authors contributed equally to this work.)

  • Ameena S. Al-Sumaiti

    (Advanced Power and Energy Center, Electrical Engineering and Computer Science, Khalifa University, Abu Dhabi 127788, United Arab Emirates
    These authors contributed equally to this work.)

Abstract

Rooftop solar power generation is becoming more widespread in residential microgrids. As well as new concepts of electricity markets, such as peer-to-peer (P2P) markets, where consumers and prosumers can directly exchange locally generated energy with each other without any intermediary third party for sustainable development. Data security is a big concern with energy trading; therefore, blockchain technology is being used more and more in energy markets. It has the potential to simplify P2P energy trading. In this paper, blockchain is designed to fit into the decentralized nature of the P2P market, securing the payment mechanism and transaction data store. The blockchain-enabled platform is developed using the Proof-of-Work (PoW) consensus algorithm, and is verified with the help of the Postman application programming interface (API). All transactions involving the buying and selling of energy are handled by a miner without the help of any third parties. The study of a five-user residential community, whether the strategy is recommended or not, is validated through simulation findings. An overview of the results revealed that all users benefited from the developed, secure P2P platform.

Suggested Citation

  • Vikash Kumar Saini & Chandra Shekhar Purohit & Rajesh Kumar & Ameena S. Al-Sumaiti, 2023. "Proof of Work Consensus Based Peer to Peer Energy Trading in the Indian Residential Community," Energies, MDPI, vol. 16(3), pages 1-25, January.
    • Handle: RePEc:gam:jeners:v:16:y:2023:i:3:p:1253-:d:1045508
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    References listed on IDEAS

    as
    1. Ameena Saad Al-Sumaiti & Abdollah Kavousi-Fard & Magdy Salama & Motahareh Pourbehzadi & Srikanth Reddy & Muhammad Babar Rasheed, 2020. "Economic Assessment of Distributed Generation Technologies: A Feasibility Study and Comparison with the Literature," Energies, MDPI, vol. 13(11), pages 1-28, June.
    2. Tushar, Wayes & Yuen, Chau & Saha, Tapan K. & Morstyn, Thomas & Chapman, Archie C. & Alam, M. Jan E. & Hanif, Sarmad & Poor, H. Vincent, 2021. "Peer-to-peer energy systems for connected communities: A review of recent advances and emerging challenges," Applied Energy, Elsevier, vol. 282(PA).
    3. Zhou, Yue & Wu, Jianzhong & Long, Chao, 2018. "Evaluation of peer-to-peer energy sharing mechanisms based on a multiagent simulation framework," Applied Energy, Elsevier, vol. 222(C), pages 993-1022.
    4. Wang, Zibo & Yu, Xiaodan & Mu, Yunfei & Jia, Hongjie, 2020. "A distributed Peer-to-Peer energy transaction method for diversified prosumers in Urban Community Microgrid System," Applied Energy, Elsevier, vol. 260(C).
    Full references (including those not matched with items on IDEAS)

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