Novel implementation of a blockchain-based energy trading engine
Contemporary trends suggest a growing interest in decentralised electrical grids. These “microgrids” involve power generation at the household and municipal level, enough for self-sufficiency. Excess electricity can be supplied to consumers for a price. This project facilitates the trading of energ...
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| Format: | Final Year Project |
| Language: | English |
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Nanyang Technological University
2020
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| Online Access: | https://hdl.handle.net/10356/139467 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | Contemporary trends suggest a growing interest in decentralised electrical grids. These “microgrids” involve power generation at the household and municipal level, enough for self-sufficiency. Excess electricity can be supplied to consumers for a price.
This project facilitates the trading of energy between producers and consumers within the microgrid. This is done through the design and implementation of a trading engine and matching algorithms.
Due to the decentralised nature of the microgrid, energy trading will be done on the blockchain. Out algorithms are built and deployed onto the Ethereum blockchain network in the form of multiple smart contracts. Once deployed, the system receives buy and sell bids from consumers and producers, match them, and monitors the fulfilment. The matching is based on a custom “Double Auction” algorithm. These contracts will oversee orders, clearings, and settlements. The use of blockchain technology promises automation and trust between independent parties.
The project has fulfilled its basic requirements. It will continue to be in development to add on more advanced features for real world application. |
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