Blockchain-Enabled Energy Marketplace

Abstract

The emergence of distributed energy generation through home and commercial PV applications has led to the creation of a new role called an energy prosumer, which blurs the traditional distinction between energy producers and consumers. Blockchain technology automates direct energy transactions through a distributed database architecture based on cryptographic hashing and consensus-based verification, providing consumers, prosumers, energy providers, and utilities with a unique, affordable, and secure energy-trading solution. This study aims to deploy a general ABM simulation framework for electricity exchange and demonstrate the predicted power profiles of households as well as the functionality of any blockchain process. An original version of a robust multi-agent structure was built and simulated for a Transactive Energy (TE) type Distributed Energy Resources (DER) within the ECCH microgrid that is dependent on blockchain engineering. Recent proposals for blockchain-based LEMs use auction systems to balance supply and demand in the future, which require precise short-term projections of energy output and consumption of specific households. This study evaluates the forecast accuracy achievable for specific households using cutting-edge energy forecasting techniques and analyzes the impact of prediction errors on market outcomes in three different supply scenarios. Although an LSTM model can produce reasonably low forecasting errors, the prediction procedure will be adjusted to the configuration of an LEM built on a blockchain. Therefore, this research distinguishes itself significantly from earlier experiments that attempt to estimate the time sequence of smart meters in general.