Decentralized Energy Markets Enhancing Peer-to-Peer Energy Sharing with Blockchain

The energy market is primarily monopolized by a few companies which are centralized. There is lack of transparency and lack of competition which affects the energy prices and the consumer trust. With the increase in use of renewable energy and consumers becoming prosumers this monopoly is weakening. Smart Grids allow prosumers (energy producers which also consume some of the energy produced) to be off grid or on grid where they can give back the excess energy produced to the grid. Blockchain The objective of proposed peer-to-peer (P2P) energy trading using blockchain is to create a decentralized, transparent, secure and energy efficient smart grid which encourages the use of renewable energy at reduced cost.