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A Blockchain-Based Scalability Solution with Microgrids Peer-to-Peer Trade

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  • Ameni Boumaiza

    (Qatar Environment and Energy Research Institute, Hamad Bin Khalifa University, Qatar Foundation, Doha P.O. Box 34110, Qatar)

Abstract

In recent years, advancements in rooftop solar panel technology have sparked a revolution in the electricity markets. This has given rise to a new concept of energy exchange—the ability for consumers and producers to trade localized energy. This concept has been made possible by the emergence of blockchain technology, which has gained significant traction in the energy markets. Its unique ability to facilitate peer-to-peer (P2P) energy transactions has made it a promising solution for the trilemma of scalability, security, and decentralization. However, while blockchain technology has shown great potential, it is still in its early stages of development and has yet to reach its full potential. To fully understand the potential of blockchain technology in P2P energy trading, it is important to explore the trilemma in depth. This study proposes a blockchain-based scalability solution with a focus on P2P energy trading. This strategy is supported by empirical modeling, utilizing data gathered from a trial case study. The results of this study demonstrate that the suggested technique outperforms base-layer models in terms of scalability while still maintaining the essential elements of security and decentralization. This proposed solution not only has the potential to revolutionize the energy markets but also has broader implications. By providing a more secure and decentralized platform for P2P energy trading, it has the potential to address issues of energy distribution inequality and promote the adoption of renewable energy. With blockchain technology, individuals and communities have the opportunity to take control of their energy usage and production, reducing their reliance on traditional centralized energy systems. This not only has the potential to lower energy costs for consumers but also contributes to the overall goal of reducing carbon emissions and mitigating the effects of climate change. The combination of rooftop solar panel technology and blockchain applications has the potential to create a significant shift toward decentralized and sustainable energy systems. This will not only benefit individuals and communities but also have a positive impact on the environment and the global energy market. However, for this transition to occur, it is crucial that governments and energy companies continue to support and invest in these advancements.

Suggested Citation

  • Ameni Boumaiza, 2024. "A Blockchain-Based Scalability Solution with Microgrids Peer-to-Peer Trade," Energies, MDPI, vol. 17(4), pages 1-18, February.
    • Handle: RePEc:gam:jeners:v:17:y:2024:i:4:p:915-:d:1339427
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    References listed on IDEAS

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    1. Jesse Yli-Huumo & Deokyoon Ko & Sujin Choi & Sooyong Park & Kari Smolander, 2016. "Where Is Current Research on Blockchain Technology?—A Systematic Review," PLOS ONE, Public Library of Science, vol. 11(10), pages 1-27, October.
    2. Natei Ermias Benti & Mesfin Diro Chaka & Addisu Gezahegn Semie, 2023. "Forecasting Renewable Energy Generation with Machine Learning and Deep Learning: Current Advances and Future Prospects," Sustainability, MDPI, vol. 15(9), pages 1-33, April.
    3. Tehseen Mazhar & Hafiz Muhammad Irfan & Sunawar Khan & Inayatul Haq & Inam Ullah & Muhammad Iqbal & Habib Hamam, 2023. "Analysis of Cyber Security Attacks and Its Solutions for the Smart grid Using Machine Learning and Blockchain Methods," Future Internet, MDPI, vol. 15(2), pages 1-37, February.
    4. Wang, Yunsen & Kogan, Alexander, 2018. "Designing confidentiality-preserving Blockchain-based transaction processing systems," International Journal of Accounting Information Systems, Elsevier, vol. 30(C), pages 1-18.
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