A Blockchain-Based Scalability Solution with Microgrids Peer-to-Peer Trade

A Blockchain-Based Scalability Solution with Microgrids Peer-to-Peer Trade

15 February 2024 | Ameni Boumaiza
This paper explores the potential of blockchain technology in addressing the trilemma of scalability, security, and decentralization in peer-to-peer (P2P) energy trading. The advent of rooftop solar panel technology has enabled localized energy exchange, facilitated by blockchain, which offers a secure and decentralized platform for P2P transactions. The study proposes a blockchain-based scalability solution, supported by empirical modeling, to enhance the efficiency and security of P2P energy trading. The results demonstrate that the proposed technique outperforms base-layer models in terms of scalability while maintaining security and decentralization. This solution has broader implications, including addressing energy distribution inequality and promoting renewable energy adoption. The combination of rooftop solar panels and blockchain technology has the potential to create a significant shift towards decentralized and sustainable energy systems, benefiting individuals, communities, and the environment. However, the full realization of blockchain's potential in P2P energy trading requires continued support and investment from governments and energy companies.This paper explores the potential of blockchain technology in addressing the trilemma of scalability, security, and decentralization in peer-to-peer (P2P) energy trading. The advent of rooftop solar panel technology has enabled localized energy exchange, facilitated by blockchain, which offers a secure and decentralized platform for P2P transactions. The study proposes a blockchain-based scalability solution, supported by empirical modeling, to enhance the efficiency and security of P2P energy trading. The results demonstrate that the proposed technique outperforms base-layer models in terms of scalability while maintaining security and decentralization. This solution has broader implications, including addressing energy distribution inequality and promoting renewable energy adoption. The combination of rooftop solar panels and blockchain technology has the potential to create a significant shift towards decentralized and sustainable energy systems, benefiting individuals, communities, and the environment. However, the full realization of blockchain's potential in P2P energy trading requires continued support and investment from governments and energy companies.
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Understanding A Blockchain-Based Scalability Solution with Microgrids Peer-to-Peer Trade