Optimizing Blockchain Based Smart Grid Auctions: A Green Revolution
Muneeb Ul Hassan, Mubashir Husain Rehmani, Jinjun Chen
Abstract
Traditional smart grid energy auctions cannot directly be integrated in blockchain due to its decentralized nature. Therefore, research works are being carried out to propose efficient decentralized auctions for energy trading. Since, blockchain is a novel paradigm which ensures trust, but it also comes up with a curse of high computation and communication complexity which eventually causes resource scarcity, therefore, there is a need to develop and encourage development of greener and computational-friendly auctions to carry out decentralized energy trading. In this paper, we first provide a thorough motivation of decentralized auctions over traditional auctions. Afterwards, we provide in-depth design requirements that can be taken into consideration while developing such auctions. After that, we analyse technical works that have developed blockchain based energy auctions from green perspective. Finally, we summarize the article by providing challenges and possible future research directions of blockchain based energy auction from green viewpoint.