Blockchain based Smart Energy Trading in a Sustainable Community: A Comparative Technological Analysis
Vipina Valsan, P. Kanakasabapathy, Maneesha Vinodini Ramesh, Lokavarapu Varsha, Mucharla Deeksha, Suravarapu Ankith
Abstract
The significance of blockchain enabled smart con- tracts for the energy market is widely recognized, given the continuous shift towards a more decentralized and flexible energy grid. Blockchain Technology (BCT) is viewed as a critical technology for facilitating the shift to a more economical, transparent, and transactive sustainable energy market because of its autonomous, configurable, and tamper-proof character. This paper explores the significance and scope of blockchain technology in various stages of smart energy trading in sustainable communities. Our investigation analyzes the existing processes, difficulties, and potential of energy trading mechanisms in renewable energy markets, providing an adequate basis for the research. This paper also proposes a blockchain based Peer to Peer Energy Trading (P2P-ET) architecture using Hyperledger Fabric, notably on the concepts of organizational focus, private channels, and chain code, as well as the flow of transactions in the Hyperledger Fabric network. These components must be successfully developed and implemented in order to establish a strong energy trading network.