An Energy Trade Framework Using Smart Contracts: Overview and Challenges

The increasing demand for clean, sustainable and reliable energy sources that are secure and stable requires the integration of renewable and edge energy products with the existing power grid. With the introduction of technological advancements and distributed resources, energy users (aka prosumers)...

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Bibliographic Details
Published inIEEE network Vol. 34; no. 4; pp. 119 - 125
Main Authors Aloqaily, Moayad, Boukerche, Azzedine, Bouachir, Ouns, Khalid, Fariea, Jangsher, Sobia
Format Journal Article
LanguageEnglish
Published New York IEEE 01.07.2020
The Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subjects
Alternative energy
Bitcoin
Blockchain
Clean energy
Contracts
Data privacy
Electric power grids
Energy conservation
Energy industry
Energy requirements
Government
Renewable energy
Smart contracts
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Summary:The increasing demand for clean, sustainable and reliable energy sources that are secure and stable requires the integration of renewable and edge energy products with the existing power grid. With the introduction of technological advancements and distributed resources, energy users (aka prosumers) can now generate, store and manage their energy requirements, and share their resources with others. BC is a promising technology that can provide secure and verifiable transactions for P2P energy trading, and promote energy conservation. This article recognizes the best practices for sustainable energy, and highlights the benefits of BC and smart contracts in the energy sector. A distributed trading framework and smart contracts are proposed for future versions of BC and integration with other energy products, and potential solutions are suggested.
ISSN:0890-8044
1558-156X
DOI:10.1109/MNET.011.1900573