Enabling Blockchain Based Energy Transfer Using Ethereum Blockchain

Abstract

Blockchain technology has made a significant impact on many industries. Integrated with Smart
Grids, it can permit secure and reliable exchange of energy. Blockchains can be used to solve
many of the problems that the current energy grid architecture faces. We have tried to explore the
role of Blockchain in solving problems that the conventional system faces. Similar approaches
taken by other projects have shown a reduction in the cost to the end-user. We have also expanded
on the stakeholders, their roles in the system, and their properties in a potential implementation
while briefly expounding on the salient features of a Blockchain network. To realize this
implementation, we use the Ethereum Blockchain platform. Using the Ethereum Blockchain, we
aim to ensure the transparent transfer of energy and pertinent funds which adhere to the business
logic that is implemented. In this paper, we discuss the implementation and benefits of using
Blockchain in a Smart Grid environment, without delving deeper into the technical aspects of a
Blockchain network.