Design Model for Energy Trading on Blockchain

The Power Grid is the major area where the rapid and drastic transformations are taking place. While the innovations in the recent grid enables in the higher rate of utilization of control methods which are in the advanced state, the demands for the distributed energy resources (DER) is increased by the next-level grid in order to make the integration process less complicated. The consumers who also involve themselves in seamlessly buying and selling energy are also benefitted by distributed energy resources. Blockchain (BC) is the technology which appears to be best for providing security and trust in the area of Smart Grid, Future Business and Economic Competition around the world. This paper presents the Blockchain based architecture using Hyperledger Composer Rest Server for demonstrating peer-to-peer energy trading and also explain briefly the authentications of both producers and consumers involved in the transactions. The implementations are divided into two phases: Phase I discusses about the authentication of both the parties and Phase II describes the transactions of energy trading. This paper also provides the parties to view the reports of their transactions along with the blockchain history.