Toward a blockchain-based smart microgrid: A peer-to-peer renewable energy trading framework

Peer-to-peer (P2P) energy trading mechanisms incorporate significant potential toward the revolution of the energy sector. This entails allowing the clients to become manufacturers and sellers of the surplus energy. The process is perfect in boosting the incorporation of renewable energy and helping people have control over how the utility of their energy and the levels of expenditure. For example, through the inclusion of P2P energy transactions, there is enhancement of safety, transparency, as well as efficiency in the parameters of transactions alongside energy distributions. P2P energy transaction also reduces carbon emissions by inventing renewable sources of energy and reducing dependency on conventional central electricity plants. The process further enhances energy resilience by establishing a decentralized network that counters disruptions and blackouts. Generally, P2P energy trading is suitable for transforming the energy landscape and establishing an equitable, reliable, and efficient energy system. This chapter explores the future of managing renewable energy that enables clients to create and distribute energy and thus fostering a sustainable and efficient energy ecosystem. The main focus of this chapter is to examine the integration of energy consumption and generation forecasting, social simulation, and blockchain technology in order to create a testbed for smart cities.