Smart Contract based Energy Trading-An overview

By having power consumption closer to the source of generation and preventing losses in transmission and distribution, decentralized energy production and consumption significantly helps to save the planet's ecosystem and climate. Emerging intelligent technologies that support energy transactions can expedite the growth and speed up the use of distributed eco-friendly energy sources. Distributed energy technologies are crucial since they are built specifically to generate, store, and distribute green energy. The integration of blockchain technology in the electrical power and energy domain have the capability to promote the adoption of renewable energy sources and offer a solid foundation for tracking real-time data on energy utilization. Additionally, blockchain can facilitate trade between autonomous actors, which could develop more secure energy communities. Smart contracts have become an interesting research area in various fields due to the increased popularity and expanded applications of blockchain technology. In this paper, the advantages of blockchain and smart contracts in energy trading are emphasized. This paper gives an overview of different techniques and areas to be considered for implementing smart contracts for energy transactions.