Blockchain based Energy Management and Trading System

When renewable energy sources (RESs) are used to generate energy at user premises, the application of local energy creation and peer-to-peer (P2P) energy exchange in the local market can help reduce energy consumption costs and emissions of harmful gases while also enhancing the resilience of the smart grid. In order to establish a blockchain-based hybrid P2P energy trading market, this article suggests a method. Because a blockchain system is by its very nature decentralized, market players can easily communicate and exchange energy without the involvement of a middleman. Because they contain the necessary regulations for energy trading, smart contracts are very important in the blockchainbased energy trading market. In order to operationalize the hybrid electricity trading market, we have suggested three smart contracts. Participants in the market communicate with the main smart contract, which communicates with the prosumer-to-grid (P2G) and P2P smart contracts for additional processing. The main goals of this study are to create a model that will help construct an effective hybrid energy trading market with the least amount of expenses and peak-to-average ratio (PAR) of power.