Energy trading

This project involves the development of a peer-to-peer energy trading platform using blockchain technology. In most communities, energy trading has traditionally been a one-way transaction in which massive utility corporations produce energy and then deliver it to customers via a centralized infrastructure. Although efficient and scalable, many disadvantages arise from this manner of trading such as power loss in resistance lines, severe weather, and limited user choices. Consequently, as technology is shifting towards renewable energy sources, peer-to-peer energy trading is an alternative solution that offers an alternative to traditional energy distribution. The idea is that any user may purchase, sell, or trade extra energy with another user without referring to third-party providers; the individuals participating in this market are referred to as “prosumers”, who generate their own energy, often through renewable sources like solar panels, and consume it as well. The suggested platform is blockchain-based based as the trading occurs between prosumers in a mostly decentralized manner. Due to the large number of transactions that may be expected and the complexity of the market, blockchain is one efficient solution for the proposition since it offers security and scalability and can handle the complex infrastructure needed to maintain the energy trading market. Each transaction that happens is saved as a block of data and linked in the digital chain which is public to all the prosumers in the network. The team benefitted from various tools to execute the project, from software technologies to hardware components which include data concentrators and smart meters. The suggested solution aims to showcase a secure and reliable platform that will facilitate the trading of energy in different regions of the world.

Project Details

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