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Article
An energy trade framework using smart contracts: Overview and challenges
IEEE Network
  • Moayad Aloqaily, Al Ain University
  • Azzedine Boukerche, University of Ottawa, Canada
  • Ouns Bouachir, Zayed University
  • Fariea Khalid, Institute of Space Technology, Islamabad
  • Sobia Jangsher, Institute of Space Technology, Islamabad
Document Type
Article
Publication Date
7-1-2020
Abstract

© 1986-2012 IEEE. The increasing demand for clean, sustainable and reliable energy sources that are secure and stable requires the integration of renewable and edge energy products with the existing power grid. With the introduction of technological advancements and distributed resources, energy users (aka prosumers) can now generate, store and manage their energy requirements, and share their resources with others. BC is a promising technology that can provide secure and verifiable transactions for P2P energy trading, and promote energy conservation. This article recognizes the best practices for sustainable energy, and highlights the benefits of BC and smart contracts in the energy sector. A distributed trading framework and smart contracts are proposed for future versions of BC and integration with other energy products, and potential solutions are suggested.

Publisher
Institute of Electrical and Electronics Engineers Inc.
Disciplines
Keywords
  • Electric power transmission networks,
  • Energy conservation,
  • Best practices,
  • Distributed resources,
  • Energy products,
  • Energy requirements,
  • Energy trading,
  • Reliable energy,
  • Sustainable energy,
  • Technological advancement,
  • Commerce
Scopus ID
85084199104
Indexed in Scopus
Yes
Open Access
No
https://doi.org/10.1109/MNET.011.1900573
Citation Information
Moayad Aloqaily, Azzedine Boukerche, Ouns Bouachir, Fariea Khalid, et al.. "An energy trade framework using smart contracts: Overview and challenges" IEEE Network Vol. 34 Iss. 4 (2020) p. 119 - 125 ISSN: <a href="https://v2.sherpa.ac.uk/id/publication/issn/0890-8044" target="_blank">0890-8044</a>
Available at: http://works.bepress.com/ouns-bouachir/11/