ENERGY TRADING OF RENEWABLE ENERGY RESOURCES BY USING BLOCKCHAIN TECHNOLOGIES

Billy, Tu Jia Feng (2023) ENERGY TRADING OF RENEWABLE ENERGY RESOURCES BY USING BLOCKCHAIN TECHNOLOGIES. [Final Year Project Report] (Unpublished)

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Abstract

Blockchain is an emerging kind of technology that has the potential to revolutionise a wide range of organisations and businesses as well as the way people currently living. Most countries are more focused on centralised electric markets especially US. Traditional centralized energy trading systems suffer from numerous vulnerabilities, including single points of failure and privacy concerns. This thesis presents a comprehensive study on the design and implementation of a decentralized energy trading system using blockchain technology. A comparative analysis was conducted to assess the system’s advantages over conventional centralized energy trading systems. The results showed that the blockchain-based approach offered better energy efficiency and higher user base compared to centralised system. For each deployed smart contracts in Hardhat, it consumes 10 computing units while Truffle uses 49 computing units. Thus, higher computing units lead to lower efficiency. Although implementation proved successfully, some challenges were identified including security in real time, and real time users deploying the smart contracts for energy trading. Suggestions for mitigating these challenges were proposed, emphasizing the need for collaboration with industry stakeholders and policymakers. In conclusion, this thesis contributes to the growing body of research on blockchain applications by presenting a decentralized energy trading system. The findings highlight the system’s potential to increase the users’ base and energy efficiency when it comes to smart contact deployment while offering a secure, transparent and traceable data shared across the business network. Further study and practical use are encouraged as the technology develops in order to address the difficulties and fully understand the revolution of blockchain-based energy trading systems.

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