Mastering Energy Trading in Smart Grids
Unlock the secrets of energy trading in smart grids and discover the opportunities and challenges that come with it.
With the assistance of Solidity, smart contracts can be established for facilitating P2P energy trading. The adoption of blockchain technology in the energy industry can aid in resolving challenges associated with energy trading in microgrids.
In energy trading applications, smart contracts are used to clear a market by determining a single price for all trades by matching demand and production.
To streamline this process, this research introduces a novel blockchain architecture leveraging smart contracts for secure peer-to-peer (P2P) energy trading, aiming to optimise the supply and demand balance between prosumers and consumers within a microgrid.
Additionally, the utilization of smart contracts in the energy sector presents regulatory challenges that cannot be overlooked. The application of smart contracts may encounter hurdles in jurisdictions where the legal status of this technology remains uncertain.
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