Blockchain-based distributed electricity transaction model

Problems of the current electricity transaction include high maintenance costs, low transaction efficiency, and insufficient security. A possible solution should be proposed tentatively with a blockchain-based transaction model for distributed electricity. This paper attempts to build a decentralized electricity trading scenario within the electricity trading model by introducing blockchain technology, combining the reliability coefficient with both the smart contract and credit value mechanism. Finally, the reliability coefficient and the credit value are introduced into the simulated electricity transaction. The results show that the transaction verification time of the traditional electricity transaction model is 410 seconds at the highest and 330 seconds at the lowest. Meanwhile, the transaction verification time of the blockchain-based distributed power transaction model is 410 seconds at the highest and 300 seconds at the lowest, which means the blockchain-based distributed power transaction has a lower transaction verification time and more efficiency, effectively suppressing the frequency of defaults, reducing the risk of being attacked, and enhancing security.

Automated summary

This study introduces blockchain technology, combining the reliability coefficient, smart contract, and credit value mechanism to establish a blockchain-based distributed power transaction model, proving its advantages in efficiency and security.