Real time energy market for lv distribution networks in smart grid using blockchain technology

Abstract

This paper presents a novel blockchain-based approach for establishing a decentralized real-time energy market in low voltage (LV) distribution networks. As the integration of distributed energy resources (DERs) surges and efficient energy management becomes imperative, demand for a transparent marketplace grows. Blockchain ensures secure, peer-to-peer energy trading among prosumers via smart contracts, ensuring real-time transaction validation. Utilizing the Corda blockchain architecture, transaction data relevant to each node is stored, safeguarding privacy, confidentiality, and immutability. The developed user-friendly web interface enables users to initiate, modify, and accept proposals, granting them control over transactions and promoting overall efficiency. This approach fosters a sustainable energy ecosystem, encouraging clean energy adoption and grid efficiency, thus pioneering the way to a decentralized, efficient, real-time energy market.