Problem Statement
The project focuses on creating a decentralized platform using blockchain
technology to enable peer-to-peer trading of renewable energy specifically
tailored for electric vehicles. The goal is to provide a transparent and efficient
mechanism for users to buy and sell renewable energy directly.
Abstract
This project addresses the challenges in traditional energy distribution by
implementing a decentralized blockchain-based platform. Electric vehicle owners
can trade renewable energy among themselves, fostering a community-driven
approach to sustainable energy consumption. The project aims to promote
renewable energy use in the transportation sector.
Outcome
● Implementation of a decentralized blockchain platform for renewable
energy trading.
● Facilitation of peer-to-peer trading of renewable energy for electric
vehicles.
● Increased adoption of renewable energy sources in the electric vehicle
ecosystem.
Reference
The massive adoption of electric vehicles (EVs) has caused an increasing demand for electric energy to charge the vehicles. Efficiently managing energy trading between energy providers and energy consumers can lead to meet the high demand for charging EVs while reducing its cost compared to traditional power provided by the utility company. However, a large portion of the existing systems leveraged for trading energy between EVs are centralized and fall short in providing transparency, reliability, audit, security, and trustworthy features. In this paper, we propose blockchain-based energy trading using an auctioning and reputation scheme. We develop Ethereum smart contracts which enable owners of EVs to automatically request electricity to charge their vehicles in a reliable, cost-effective, secure, and trustworthy manner. The proposed approach ensures the lowest rate available by implementing a reverse auctioning scheme for fair competition between providers to provide the requested service at the lowest cost. The proposed solution enforces high quality of service through a reputation-based approach that quantifies the performance of the service providers and gives an advantage to more reputable providers. We present the implementation details of the deployed system on a test Ethereum blockchain platform. We perform system testing and evaluation to validate and assess the functionality and performance of the proposed solution. Furthermore, we present security and cost analyses to show the affordability, robustness, and practicality of the proposed approach.
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- N. O. Kapustin and D. A. Grushevenko, “Long-term electric vehicles outlook and their potential impact on electric grid,” Energy Policy, vol. 137, Feb. 2020, Art. no. 111103.
- Global EV Outlook 2020—Entering the Decade of Electric Drive. IEA, Paris, France. Accessed: Jun. 22, 2021
- Irena. (2020). Innovation Landscape Brief: Peer-to-Peer Electricity Trading. International Renewable Energy Agency, Abu Dhabi, United Arab Emirates. Accessed: Jun. 22, 2021.