Proof of Work Consensus Based Peer to Peer Energy Trading in the Indian Residential Community
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...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2023-01-01
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| Series: | Energies |
| Subjects: | |
| Online Access: | https://www.mdpi.com/1996-1073/16/3/1253 |
| _version_ | 1797624686795816960 |
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| author | Vikash Kumar Saini Chandra Shekhar Purohit Rajesh Kumar Ameena S. Al-Sumaiti |
| author_facet | Vikash Kumar Saini Chandra Shekhar Purohit Rajesh Kumar Ameena S. Al-Sumaiti |
| author_sort | Vikash Kumar Saini |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-03-11T09:46:06Z |
| format | Article |
| id | doaj.art-81496bd8b821484381061a4896c89d2a |
| institution | Directory Open Access Journal |
| issn | 1996-1073 |
| language | English |
| last_indexed | 2024-03-11T09:46:06Z |
| publishDate | 2023-01-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Energies |
| spelling | doaj.art-81496bd8b821484381061a4896c89d2a2023-11-16T16:34:52ZengMDPI AGEnergies1996-10732023-01-01163125310.3390/en16031253Proof of Work Consensus Based Peer to Peer Energy Trading in the Indian Residential CommunityVikash Kumar Saini0Chandra Shekhar Purohit1Rajesh Kumar2Ameena S. Al-Sumaiti3Center for Energy and Environment, Malaviya National Institute of Technology, Jaipur 302017, IndiaCenter for Energy and Environment, Malaviya National Institute of Technology, Jaipur 302017, IndiaDepartment of Electrical Engineering, Malaviya National Institute of Technology, Jaipur 302017, IndiaAdvanced Power and Energy Center, Electrical Engineering and Computer Science, Khalifa University, Abu Dhabi 127788, United Arab EmiratesRooftop 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.https://www.mdpi.com/1996-1073/16/3/1253P2P energy tradingmicrogridsblockchain technologyenergy market |
| spellingShingle | Vikash Kumar Saini Chandra Shekhar Purohit Rajesh Kumar Ameena S. Al-Sumaiti Proof of Work Consensus Based Peer to Peer Energy Trading in the Indian Residential Community Energies P2P energy trading microgrids blockchain technology energy market |
| title | Proof of Work Consensus Based Peer to Peer Energy Trading in the Indian Residential Community |
| title_full | Proof of Work Consensus Based Peer to Peer Energy Trading in the Indian Residential Community |
| title_fullStr | Proof of Work Consensus Based Peer to Peer Energy Trading in the Indian Residential Community |
| title_full_unstemmed | Proof of Work Consensus Based Peer to Peer Energy Trading in the Indian Residential Community |
| title_short | Proof of Work Consensus Based Peer to Peer Energy Trading in the Indian Residential Community |
| title_sort | proof of work consensus based peer to peer energy trading in the indian residential community |
| topic | P2P energy trading microgrids blockchain technology energy market |
| url | https://www.mdpi.com/1996-1073/16/3/1253 |
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