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Article

Blockchain Based Smart-Grid Stackelberg Model for Electricity Trading and Price Forecasting Using Reinforcement Learning

1
Department of Computer Science and Engineering Brac University, Dhaka 1212, Bangladesh
2
Information Systems Department, College of Computer and Information Sciences, King Saud University, Riyadh 11543, Saudi Arabia
3
College of Arts and Sciences, University of Maine, Presque Isle, ME 04769, USA
*
Author to whom correspondence should be addressed.
These authors contributed equally to this work.
Academic Editors: Hossein Hassani and Nadejda Komendantova
Appl. Sci. 2022, 12(10), 5144; https://doi.org/10.3390/app12105144
Received: 24 February 2022 / Revised: 28 April 2022 / Accepted: 2 May 2022 / Published: 19 May 2022
(This article belongs to the Topic Recent Trends in Blockchain and its Applications)
A smart grid is an intelligent electricity network that allows efficient electricity distribution from the source to consumers through telecommunication technology. The legacy smart grid follows the centralized oligopoly marketplace for electricity trading. This research proposes a blockchain-based electricity marketplace for the smart grid environment to introduce a decentralized ledger in the electricity market for enabling trust and traceability among the stakeholders. The electricity prices in the smart grid are dynamic in nature. Therefore, price forecasting in smart grids has paramount importance for the service providers to ensure service level agreement and also to maximize profit. This research introduced a Stackelberg model-based dynamic retail price forecasting of electricity in a smart grid. The Stackelberg model considered two-stage pricing between electricity producers to retailers and retailers to customers. To enable adaptive and dynamic price forecasting, reinforcement learning is used. Reinforcement learning provides an optimal price forecasting strategy through the online learning process. The use of blockchain will connect the service providers and consumers in a more secure transaction environment. It will help tackle the centralized system’s vulnerability by performing transactions through customers’ smart contracts. Thus, the integration of blockchain will not only make the smart grid system more secure, but also price forecasting with reinforcement learning will make it more optimized and scalable. View Full-Text
Keywords: smart grid; blockchain; price forecasting; electricity demand and supply; smart meter; reinforcement learning; Stackelberg model smart grid; blockchain; price forecasting; electricity demand and supply; smart meter; reinforcement learning; Stackelberg model
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MDPI and ACS Style

Moti, M.M.M.A.; Uddin, R.S.; Hai, M.A.; Saleh, T.B.; Alam, M.G.R.; Hassan, M.M.; Hassan, M.R. Blockchain Based Smart-Grid Stackelberg Model for Electricity Trading and Price Forecasting Using Reinforcement Learning. Appl. Sci. 2022, 12, 5144. https://doi.org/10.3390/app12105144

AMA Style

Moti MMMA, Uddin RS, Hai MA, Saleh TB, Alam MGR, Hassan MM, Hassan MR. Blockchain Based Smart-Grid Stackelberg Model for Electricity Trading and Price Forecasting Using Reinforcement Learning. Applied Sciences. 2022; 12(10):5144. https://doi.org/10.3390/app12105144

Chicago/Turabian Style

Moti, Md Mahraj Murshalin Al, Rafsan Shartaj Uddin, Md. Abdul Hai, Tanzim Bin Saleh, Md. Golam Rabiul Alam, Mohammad Mehedi Hassan, and Md. Rafiul Hassan. 2022. "Blockchain Based Smart-Grid Stackelberg Model for Electricity Trading and Price Forecasting Using Reinforcement Learning" Applied Sciences 12, no. 10: 5144. https://doi.org/10.3390/app12105144

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