URJA: A sustainable energy distribution and trade model for smart grids

Abstract

Energy has always been one of the fundamental elements in the growth of human society. It is crucial that we improve our energy management due to the ever-growing imbalance in demand-supply. The new wave in the energy sector is characterized by the three D's of decarbonization, decentralization, and digitalization. For a sustainable life, it is necessary that energy is tapped from alternative sources that are renewable to leave a minimal carbon footprint. To integrate different sources with the main power grid, we require two-way communication among them. This makes it indispensable that consumers are empowered to protect their privacy and make them the sole owners of their data. A good access control scheme would ensure security of data, and an efficient trading platform would ensure judicious use of the resources. Here, we propose a framework URJA with an access control scheme and an energy trading platform based on blockchain for a smart grid. The locally available renewable sources of energy are connected to the grid such that demand-supply is managed effectively without loss of efficiency and privacy. A customized consensus scheme based on trust ensures a quick operation in real-time.