Blockchain based Secure Energy Trading Mechanism for Smart Grid
Abstract
Increasing trend of renewable energy promoting business opportunity in the field of energy market. This enables prosumers to invest reliably in the field of energy market. Due to exponential decrease in conventional sources the system needs to be hybrid by including Distributed Generations (DGs). Current research is majorly focused on the security of smart grids through blockchain. The practical management of prosumers is not properly considered yet. In this paper, we proposed an efficient algorithm to generate Magnitude of Energy Share (MES) through smart contract for individual prosumer to tackle surplus energy generation situation. A practical approach to implement private blockchain in smart meters is also covered in this research. In this research cluster communication architecture is developed to enhance performance of DGs and reduce burden on the existing system. A novel concept of parent and neighboring nodes is developed to promote double authentication. To check the performance of proposed system different scenarios are considered and the response of our system to individual scenario is deeply covered. Also, the efficiency of current technologies and proposed system are evaluated on the basis of considered cases.
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