P2P Electricity Transfer Application
A prototype architecture for energy transactions in a smart grid using blockchain technology. It enables consumers & producers to anonymously negotiate energy prices and securely perform transactions
About
The problem it solves The project's goal is to eliminate any middlemen between producers and consumers by using Blockchain to automate the process. We'll regard each part as a node in the existing grid. Computing equipment is governed as a light node at the consumer's end, maintaining and creating the address. This device takes the place of a power meter. At the distribution transformer point, a full node is built up to maintain consensus and validate transactions. To reduce the complexity and material necessary to complete this project, each consumer and producer is defined as a light node. Each node contains an address and a private key. Keys are unique and are used as node IDs and addresses are used in transactions. Transaction rules are encoded in smart contracts that are automatically performed when certain conditions are met. When the requirements are completed by the parties who have agreed in advance, the smart contract functions as a digital protocol that automatically conducts predetermined activities. The smart contract is utilized in this scenario to supply electricity to the customer once the customer pays the producer a predetermined fee. Because smart contracts are written in code and linked to the blockchain, they inherit the network's immutability, ensuring that the agreed-upon contract cannot be changed.
How it's made
Challenges we ran into The challenges we ran into are the following: 1. Integration: Integrating smart contracts with NextJS was challenging. 2. Smart Contracts Functions: Smart contracts' functions we had in mind weren't getting implemented so we had to look into for the new functions and thus the new approach towards the existing logic.