Industrial Consultancy & Sponsored Research (IC&SR) , IIT Madras
Blockchain based Electricity Market Trading Platform
Technology Category/Market
Technology: Blockchain based Electricity Market Trading Platform
Category: Blockchain
Industry: Trading Platform
Application: commercial sector
Market: The global market size estimated at USD 4.8 Billion in 2022 and is expected to hit around USD 69 Billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 68% from 2023 to 2032.
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Problem Statement
- Evolution of electric distribution networks has led to the rise of distributed energy resources, resulting in P2P trading concepts.
- Blockchain technology is used to optimize power demand and supply in the electricity market.
- Developments include a multi-energy P2P trading platform with seven layers, a PC-DA for order generation, and a blockchain-based decentralized electricity market trading platform.
- Conventional systems lack a decentralized and distributed network approach, requiring a central aggregator for transactions.
- Existing solutions are unreliable and ineffective, necessitating a blockchain-based decentralized electricity trading platform with reduced computational burden.
Technology
Decentralized Electricity Trading Platform Architecture:
- Prosumers access blockchain network for peer-to-peer transactions.
- Layers enable transaction based on consensus.
- Provides a decentralized electricity trading platform.
The layers of the decentralized electricity trading platform includes
- (i) A smart contract layer having decentralized self-executing smart contracts for receiving the real-time power demands and supply from one or more prosumer and is configured to perform one or more transaction,
- (ii) A Physical and Optimization Layer (POL) in communication with the contract layer, to perform optimizations for reaching a consensus between prosumers
- (iii) A monetary settlement layer (MSL) in communication with the digital contract layer to execute monetary transaction after execution of one or more smart contracts.
Key Features/Value Proposition
Questions about this Technology?
Contact for Licensing
Research Lab
Prof. Shanthi Swarup K
Department of Electrical Engineering
Intellectual Property
IITM IDF Ref. 2675
Application No: 202341070142
Technology Readiness Level
TRL- 3
Experimental proof of concept