Setup of a local P2P electric energy market based on a smart contract blockchain technology

Abstract

In an era of the widespread introduction of information technology, the broadest possibilities are opening up for the implementation of additional services for prosumers in the electricity market. The traditional electric power system of Russia allows customers to receive electricity only from large power plants, which leads to centralization and monopoly. Currently, the concept of distributed generation is gaining popularity. The idea is that small electric power generators are distributed throughout the local power network. The introduction of such an electrical network will improve the reliability of the system. However, such a network needs effective management and an electricity metering system. This paper proposes the use of distributed network blockchain technology as a solution to these problems. The proposed double-chain blockchain model will provide for the electric energy trading within the local electricity market, without third-party intermediaries, with a sufficient level of security and automation for all participants.