A Blockchain-Based Scalability Solution with Microgrids Peer-to-Peer Trade
In recent years, advancements in rooftop solar panel technology have sparked a revolution in the electricity markets. This has given rise to a new concept of energy exchange—the ability for consumers and producers to trade localized energy. This concept has been made possible by the emergence of blo...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
MDPI AG
2024-02-01
|
| Series: | Energies |
| Subjects: | |
| Online Access: | https://www.mdpi.com/1996-1073/17/4/915 |
| _version_ | 1797298320295591936 |
|---|---|
| author | Ameni Boumaiza |
| author_facet | Ameni Boumaiza |
| author_sort | Ameni Boumaiza |
| collection | DOAJ |
| description | In recent years, advancements in rooftop solar panel technology have sparked a revolution in the electricity markets. This has given rise to a new concept of energy exchange—the ability for consumers and producers to trade localized energy. This concept has been made possible by the emergence of blockchain technology, which has gained significant traction in the energy markets. Its unique ability to facilitate peer-to-peer (P2P) energy transactions has made it a promising solution for the trilemma of scalability, security, and decentralization. However, while blockchain technology has shown great potential, it is still in its early stages of development and has yet to reach its full potential. To fully understand the potential of blockchain technology in P2P energy trading, it is important to explore the trilemma in depth. This study proposes a blockchain-based scalability solution with a focus on P2P energy trading. This strategy is supported by empirical modeling, utilizing data gathered from a trial case study. The results of this study demonstrate that the suggested technique outperforms base-layer models in terms of scalability while still maintaining the essential elements of security and decentralization. This proposed solution not only has the potential to revolutionize the energy markets but also has broader implications. By providing a more secure and decentralized platform for P2P energy trading, it has the potential to address issues of energy distribution inequality and promote the adoption of renewable energy. With blockchain technology, individuals and communities have the opportunity to take control of their energy usage and production, reducing their reliance on traditional centralized energy systems. This not only has the potential to lower energy costs for consumers but also contributes to the overall goal of reducing carbon emissions and mitigating the effects of climate change. The combination of rooftop solar panel technology and blockchain applications has the potential to create a significant shift toward decentralized and sustainable energy systems. This will not only benefit individuals and communities but also have a positive impact on the environment and the global energy market. However, for this transition to occur, it is crucial that governments and energy companies continue to support and invest in these advancements. |
| first_indexed | 2024-03-07T22:33:13Z |
| format | Article |
| id | doaj.art-0e10360bb5ed46c9bb7cbcd7e9cd5578 |
| institution | Directory Open Access Journal |
| issn | 1996-1073 |
| language | English |
| last_indexed | 2024-03-07T22:33:13Z |
| publishDate | 2024-02-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Energies |
| spelling | doaj.art-0e10360bb5ed46c9bb7cbcd7e9cd55782024-02-23T15:15:25ZengMDPI AGEnergies1996-10732024-02-0117491510.3390/en17040915A Blockchain-Based Scalability Solution with Microgrids Peer-to-Peer TradeAmeni Boumaiza0Qatar Environment and Energy Research Institute, Hamad Bin Khalifa University, Qatar Foundation, Doha P.O. Box 34110, QatarIn recent years, advancements in rooftop solar panel technology have sparked a revolution in the electricity markets. This has given rise to a new concept of energy exchange—the ability for consumers and producers to trade localized energy. This concept has been made possible by the emergence of blockchain technology, which has gained significant traction in the energy markets. Its unique ability to facilitate peer-to-peer (P2P) energy transactions has made it a promising solution for the trilemma of scalability, security, and decentralization. However, while blockchain technology has shown great potential, it is still in its early stages of development and has yet to reach its full potential. To fully understand the potential of blockchain technology in P2P energy trading, it is important to explore the trilemma in depth. This study proposes a blockchain-based scalability solution with a focus on P2P energy trading. This strategy is supported by empirical modeling, utilizing data gathered from a trial case study. The results of this study demonstrate that the suggested technique outperforms base-layer models in terms of scalability while still maintaining the essential elements of security and decentralization. This proposed solution not only has the potential to revolutionize the energy markets but also has broader implications. By providing a more secure and decentralized platform for P2P energy trading, it has the potential to address issues of energy distribution inequality and promote the adoption of renewable energy. With blockchain technology, individuals and communities have the opportunity to take control of their energy usage and production, reducing their reliance on traditional centralized energy systems. This not only has the potential to lower energy costs for consumers but also contributes to the overall goal of reducing carbon emissions and mitigating the effects of climate change. The combination of rooftop solar panel technology and blockchain applications has the potential to create a significant shift toward decentralized and sustainable energy systems. This will not only benefit individuals and communities but also have a positive impact on the environment and the global energy market. However, for this transition to occur, it is crucial that governments and energy companies continue to support and invest in these advancements.https://www.mdpi.com/1996-1073/17/4/915energy managementblockchainmicrogridsP2Partificial intelligencemachine learning |
| spellingShingle | Ameni Boumaiza A Blockchain-Based Scalability Solution with Microgrids Peer-to-Peer Trade Energies energy management blockchain microgrids P2P artificial intelligence machine learning |
| title | A Blockchain-Based Scalability Solution with Microgrids Peer-to-Peer Trade |
| title_full | A Blockchain-Based Scalability Solution with Microgrids Peer-to-Peer Trade |
| title_fullStr | A Blockchain-Based Scalability Solution with Microgrids Peer-to-Peer Trade |
| title_full_unstemmed | A Blockchain-Based Scalability Solution with Microgrids Peer-to-Peer Trade |
| title_short | A Blockchain-Based Scalability Solution with Microgrids Peer-to-Peer Trade |
| title_sort | blockchain based scalability solution with microgrids peer to peer trade |
| topic | energy management blockchain microgrids P2P artificial intelligence machine learning |
| url | https://www.mdpi.com/1996-1073/17/4/915 |
| work_keys_str_mv | AT ameniboumaiza ablockchainbasedscalabilitysolutionwithmicrogridspeertopeertrade AT ameniboumaiza blockchainbasedscalabilitysolutionwithmicrogridspeertopeertrade |