Credit Blockchain for Faster Transactions in P2P Energy Trading

Abstract: P2P trading of energy can be a good alternative to incentivize distributed non-conventional energy production and meet the burgeoning energy demand. For efficient P2P trading, a free market for trading needs to be established while ensuring the information reliability, security, and privacy. Blockchain has been used to provide this framework, but it consumes very high energy and is slow. Further, until now, no blockchain model has considered the role of conventional electric utility companies in P2P trading. In this paper, we have introduced a credit blockchain that reduces energy consumption by employing a new mechanism to update transactions and increases speed by providing interest free loans to buyers. This model also integrates the electric utility companies within the P2P trading framework, thereby increasing members trading options. We have also discussed the pricing strategies for trading. All the above assertions have been verified through simulations, demonstrating that this model will promote P2P trading by providing enhanced security, speed, and greater trading options. The proposed model will also help trade energy at prices beneficial for both sellers and buyers.