July 21, 2023

P2P Trading-enabled Local Energy Market Supplemented with Blockchain Technology: An Australian Case Study

A new study proposes blockchain-based P2P trading in the local energy market, benefiting prosumers, consumers, and the electricity network. Minimizes expenses while ensuring reasonable blockchain operational costs. Promising future approach for LEM.

Blockchain technology has the potential to revolutionize the electricity market, and a new study suggests that it could be used to create a more efficient and equitable system. The study, which was conducted in Australia, proposes a framework for integrating peer-to-peer (P2P) trading with blockchain technology.

Under this model, prosumers and consumers would be able to trade electricity directly with each other, without the need for a middleman. This would allow them to get a better price for their energy, and it would also help to reduce the strain on the electricity grid.

The study found that the proposed model could provide significant benefits to both prosumers and consumers. It could also help to reduce greenhouse gas emissions, and it could make the electricity market more resilient to shocks.

This study is just one example of the many ways that blockchain technology could be used to improve the electricity market. As technology continues to develop, we can expect to see even more innovative applications in the future.

Read the full case study here

IEEE Members read here

Authors: Dr. Liaqat Ali, Dr. M. Imran Azim, Jan Peters, Nabin B. Ojha, Dr. Vivek Bhandari, Anand Menon, Vinod Tiwari, Dr. Jemma Green, Professor S. M. Muyeen, Professor M. G. Simoes

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