A Consortium Blockchain-Enabled Double Auction Mechanism for Peer-To-Peer Energy Trading among Prosumers

This paper introduces a novel consortium blockchain-based double auction mechanism designed to optimize peer-to-peer (P2P) energy trading among prosumers. Addressing the inefficiencies of traditional energy markets, our decentralized model empowers prosumers to directly buy and sell surplus energy through an automated, transparent process. Leveraging the inherent security and immutability of blockchain technology, we establish a trustless environment, eliminating intermediaries and reducing transaction costs. The core of our solution lies in a double auction mechanism, which facilitates fair price discovery by enabling simultaneous bid and offer submissions from both buyers and sellers. This approach ensures market equilibrium and optimizes energy allocation. This approach ensures market equilibrium and optimizes energy allocation. We employ a consortium blockchain, specifically designed for controlled access and enhanced privacy, to record and verify all transactions, ensuring data integrity and preventing market manipulation. Through extensive simulations, we demonstrate the efficacy of our proposed mechanism, showcasing significant improvements in energy trade efficiency, price stability, and system scalability.