A Blockchain enabled Auction and Peer-to-Peer Energy Trading System in a Local Energy Market

The concept of peer-to-peer local energy trading holds the promise of fostering a more sustainable and efficient energy ecosystem, aligning with the global goals of environmental responsibility, energy conservation, and the advancement of renewable energy sources. As such, it has attracted lots of attention from researchers seeking to revolutionize the energy sector and address the challenges associated with traditional centralized energy models. However, to effectively set up a local energy market, two vital components are needed – a robust transaction infrastructure and a welldefined set of market and auction rules. In this paper, our proposed solution relies on the Ethereum blockchain and smart contracts, thereby exploiting the benefits of blockchain technology to meet the requirements for secure and decentralized energy trading within a community, all without the need for a trusted third party. We propose an Ethereumbased framework to facilitate secure and decentralized peer-topeer electricity trading among the members of a smart community. The framework implements smart contract auction with filters at different stages throughout the process to ensure the integrity of data, maintain data confidentiality, and safeguard user identity privacy on the network. We also performed a thorough security assessment of our smart contract using MythX by Consensys - a security analysis tool for Ethereum smart contracts to identify and rectify any potential security threat and vulnerabilities in our proposed framework and auction process.