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Article

A Smart Contract-Based P2P Energy Trading System with Dynamic Pricing on Ethereum Blockchain

Department of Electronic Engineering, Sogang University, Seoul 04107, Korea
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Author to whom correspondence should be addressed.
Academic Editor: Raffaele Bruno
Sensors 2021, 21(6), 1985; https://doi.org/10.3390/s21061985
Received: 15 February 2021 / Revised: 8 March 2021 / Accepted: 8 March 2021 / Published: 11 March 2021
(This article belongs to the Special Issue Blockchain for IoT Security, Privacy and Intelligence)
We implement a peer-to-peer (P2P) energy trading system between prosumers and consumers using a smart contract on Ethereum blockchain. The smart contract resides on a blockchain shared by participants and hence guarantees exact execution of trade and keeps immutable transaction records. It removes high cost and overheads needed against hacking or tampering in traditional server-based P2P energy trade systems. The salient features of our implementation include: 1. Dynamic pricing for automatic balancing of total supply and total demand within a microgrid, 2. prevention of double sale, 3. automatic and autonomous operation, 4. experiment on a testbed (Node.js and web3.js API to access Ethereum Virtual Machine on Raspberry Pis with MATLAB interface), and 5. simulation via personas (virtual consumers and prosumers generated from benchmark). Detailed description of our implementation is provided along with state diagrams and core procedures. View Full-Text
Keywords: smart contract; peer-to-peer energy trading; blockchain; Ethereum; dynamic pricing; microgrids smart contract; peer-to-peer energy trading; blockchain; Ethereum; dynamic pricing; microgrids
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MDPI and ACS Style

Song, J.G.; Kang, E.s.; Shin, H.W.; Jang, J.W. A Smart Contract-Based P2P Energy Trading System with Dynamic Pricing on Ethereum Blockchain. Sensors 2021, 21, 1985. https://doi.org/10.3390/s21061985

AMA Style

Song JG, Kang Es, Shin HW, Jang JW. A Smart Contract-Based P2P Energy Trading System with Dynamic Pricing on Ethereum Blockchain. Sensors. 2021; 21(6):1985. https://doi.org/10.3390/s21061985

Chicago/Turabian Style

Song, Jae G., Eung s. Kang, Hyeon W. Shin, and Ju W. Jang 2021. "A Smart Contract-Based P2P Energy Trading System with Dynamic Pricing on Ethereum Blockchain" Sensors 21, no. 6: 1985. https://doi.org/10.3390/s21061985

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