Smart grids open up the chance for the consumers who generate their own energy to retort to
costs and sell excess amounts back to the grid.
As distributed energy generation and storage technologies are getting economically viable, energy commerce is gradually turning into a profit-making possibility for end-users.
A prototype architecture for energy transactions in a smart grid using
blockchain technology which enables consumers and prosumers to anonymously negotiate
energy prices and securely perform trading transactions.
With the help of communication networks, advanced computational algorithms and advances in power devices, the smart grid can be developed.
2.2.1 Features of Smart Grid
There are many positive features of smart grid which benefits the utilities, its consumer,
and its regulator.
For Utilities
● Reduction of T&D losses and increased collection efficiency
● Reduction in power purchase cost
● Better asset management
● Increased grid visibility
● Self-healing grid
● Renewable integration
● Peak load management
Blockchain
To create a totally distributed and democratic market of electricity we have to record the
transaction on a ledger.
To consume and/or sell power, nodes must join and contribute to the grid, according to our approach.
For their excellent contributions to the network, nodes can be rewarded.
Transaction fees may be added to the network to cover infrastructure costs or if nodes employ extra services like public storage.
Discussion