Authors: Yash Ghorpade, Anuruddha Gawai, Rutuja Nikam, Rushikesh Bhopale, Dr. Pugalpriya Raju
DOI Link: https://doi.org/10.22214/ijraset.2023.56778
Certificate: View Certificate
The problem we are facing is how to efficiently use renewable energy sources like solar and wind, which are sometimes unpredictable. Current energy systems struggle to handle this unpredictability, which can lead to wasted energy and more pollution. There is also a lack of trust and transparency in the energy market. The effective tracking and management of renewable energy present complex challenges. Traditional energy tracking systems often lack transparency, security and trust among stakeholders, hindering the realization of a fully sustainable energy ecosystem. To fix these issues, we are looking at using blockchain technology. Blockchain is like a secure and transparent digital ledger. It can help automate energy trading and make it more trustworthy. By using smart contracts, we can make sure energy transactions happen quickly and with fewer costs. We will also use data analytics and devices that connect to the internet to better predict when we will have energy and how to use it efficiently. Our solution is to create a platform for renewable energy trading using blockchain. We will use technologies like Hyperledger Fabric and Ethereum to make sure everything works securely. Smart contracts will help with automatic energy trading, and AI will help us predict when we will have energy. Devices connected to the internet will give us real-time data to manage the energy grid better. With this plan, we want to make renewable energy trading easy and help the world switch to cleaner energy sources faster
I. INTRODUCTION
Renewable energy sources are considered as a potential solution to achieve energy sustainability. They can be integrated on a large scale at the generation level or on a small scale at the distribution level of the grid. More and more countries are aiming to increase the installed capacity of these sources at the generation level. For example, India has set a target to achieve 175 GW and 450 GW of renewable energy capacity by 2022 and 2030. However, generation level integration requires a significant amount of upfront investment. That leads to the alternative option of installing renewable energy sources at the distribution level, as the localized energy generation and consumption minimize the requirement for expensive network upgrades. The integration of renewable generation at the distribution level faces challenges due to the lack of motivation in the energy users. The users receive less price for feeding excess power to the grid compared to the price paid for power consumption. Some of the feed-in-tariff schemes have been discontinued because of that reason, leading to the need for consumer-centric markets. In this scenario, decentralized energy trading can play a pivotal role as it allows the prosumers to trade surplus power at the desired rate, with the consumers willing to purchase off-grid power.
They receive benefits for investing in the generation and storage facilities. On the other side, consumers get the freedom to choose from multiple energy suppliers. They can choose based on the rate and source of energy, which leads to energy affordability and transparency. Decentralized energy trading encourages active customer participation resulting in customer empowerment in the energy sector and promotes energy self-sufficiency. A Blockchain can be defined as a dispersed log of all affairs that have taken place digitally and allocated among the engaging candidates. The system not only contains the information regarding all the events of the present but also of the past. The Blockchain will not mandate a change in the public log without the concession of most of the candidates within the system. The Blockchain can be classified into three groups, public, consortium, and private. As the name suggests, in public blockchain all the candidates can contribute and access, as for consortium, a cluster of candidates will be able to participate, whereas, for private blockchain, the access will be confined within the central organization itself. The first exploitation of Blockchain was done by Satoshi Nakamoto with the introduction of the infamous cryptocurrency Bitcoin, and up till now, it has the adequate utilization of the technology. Despite the prestige of blockchain in cryptocurrencies, it has found its exploitations in many other fields, such as digital transactions without the interpretations of any third-party agent as Bank, or in IoT (Internet of Things), Smart Contract or any general services.
Motivated by environmental concerns related to climate change and associated financial incentives, homeowners in residential communities are shifting towards procuring locally deployed distributed energy resources (DERs) that seek to maximally utilize clean, renewable energy to accomplish their respective tasks.
Within residential communities, these DERs typically include: rooftop photovoltaic arrays (PV), plug-in electric vehicles (EV), smart thermostats (ST), as well as battery energy storage systems (BESS). These DERs offer many tangible benefits to the community, including increased energy efficiency, reduction of peak demand, increased resiliency from outages in the main grid, as well as a decreased carbon footprint.
However, these DERs can have unintended negative consequences if left uncontrolled. Previous work has investigated the negative impact of uncontrolled EV charging leading to overloading of local transformers, as well as uncontrolled PV generation leading to overvoltage violations. The addition of DERs to a home has indeed resulted in the vision of smart homes, however, there is a fundamental need for additional mechanisms that will coordinate and align the operation of smart home DERs to mitigate the aforementioned issues.
II. LITERATURE REVIEW
III. OBJECTIVES
IV. LIMITATIONS
In summation, these diverse studies collectively contribute to a growing body of knowledge, highlighting the versatility of blockchain in addressing the evolving challenges and opportunities within the energy sector. The findings underscore the potential for blockchain to play a pivotal role in fostering a more sustainable, efficient, and resilient future for energy trading. This body of research serves as a valuable resource for policymakers, researchers, and industry stakeholders seeking to navigate the complexities of the modern energy landscape.
[1] Alam, M. T. Islam and A. Ferdous, “Towards blockchain-based electricity trading system and cyber resilient microgrids,” 2019 Int. Conf. on Elect., Comput. and Commun. Eng. (ECCE), Cox\'sBazar, Bangladesh, 2019, pp. 1-5, doi: 10.1109/ECACE.2019.8679442. [2] A. Alketbi, Q. Nasir and M. A. Talib, “Blockchain for government services — Use cases, security benefits and challenges,” 2018 15th Learn. and Technol. Conf. (L&T), Jeddah, 2018, pp. 112-119, doi: 10.1109/LT.2018.8368494. [3] D. Han, C. Zhang, J. Ping and Z. Yan, “Smart contract architecture for decentralized energy trading and management based on blockchains,” Energy, vol. 199, pp. 117417, 2020, doi: 10.1016/j.energy.2020.117417. [4] E. S. Kang, S. J. Pee, J. G. Song and J. W. Jang, “A blockchain-based energy trading platform for smart homes in a microgrid,” 2018 3rd Int. Conf. on Comput. and Commun. Syst. (ICCCS), Nagoya, 2018, pp. 472-476, doi: 10.1109/CCOMS.2018.8463317. [5] M. Andoni et al., “Blockchain technology in the energy sector: A systematic review of challenges and opportunities,” Renewable and Sustain. Energy Rev., vol. 100, pp. 143-174, 2019. [6] S. J. Pee, E. S. Kang, J. G. Song and J. W. Jang, “Blockchain based smart energy trading platform using smart contract,” 2019 Int. Conf. on Artif. Intell. in Inf. and Commun. (ICAIIC), Okinawa, Japan, 2019, pp. 322-325, doi: 10.1109/ICAIIC.2019.8668978. [7] S. Myung and J. Lee, “Ethereum smart contract-based automated power trading algorithm in a microgrid environment,” The J. of Supercomput., vol. 76, pp. 4904- 4914, Nov. 2018, doi: 10.1007/s11227-018-2697-7. [8] W. Hua and H. Sun, “A blockchain-based peer-to-peer trading scheme coupling energy and carbon markets,” 2019 Int. Conf. on Smart Energy Syst. and Technol. (SEST), Porto, Portugal, 2019, pp. 1-6, doi: 10.1109/SEST.2019.8849111. [9] W. Tushar et al., “Transforming energy networks via peer-to-peer energy trading: The potential of game-theoretic approaches,” IEEE Signal Process. Mag., vol. 35, no. 4, pp. 90-111, July 2018. doi: 10.1109/MSP.2018.2818327.
Copyright © 2023 Yash Ghorpade, Anuruddha Gawai, Rutuja Nikam, Rushikesh Bhopale, Dr. Pugalpriya Raju. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Paper Id : IJRASET56778
Publish Date : 2023-11-18
ISSN : 2321-9653
Publisher Name : IJRASET
DOI Link : Click Here