A Smart Contract is a self-executing contract with the terms of the agreement directly written into code. It runs on blockchain technology, automatically enforcing and executing the terms when predefined conditions are met. Smart contracts eliminate the need for intermediaries, reducing costs and increasing efficiency. They are secure, transparent, and immutable, making them ideal for applications like cryptocurrency, supply chain management, legal agreements, and decentralized finance (DeFi).

Posts

Transactive Energy Management with Blockchain Smart Contracts for P2P Multi-Settlement Markets

/in /by

Integration of renewables and energy storage, leading to rise of prosumers, has created localized bidirectional flows. As the result, the utility demand has decreased and traditional centralized controller can no longer realize the optimal performance of ever growing distribution systems. To achieve scalable control, exploiting the potential of smart loads and Distributed Energy Resource (DER) controllability, a framework for decentralized Peer-To-Peer (P2P) energy management has been developed to manage localized micro-energy markets. Such decentralized management approach could, in theory, sustain diverse prosumer and utility business models. We have been developing an autonomous decentralized management solution that maximizes the benefit of prosumers while protecting utility assets. This P2P energy trading market leverages Blockchain technology and its Smart Contract framework. This paper presents 1) transactive energy market for P2P multi-settlement markets, 2) architecture of blockchain-based energy management system, 3) smart contract design that solves an economic dispatch problem of DERs to maximize the profit of pro/consumers.

Read more