Abstract: Fundamental to Saudi Vision 2030 is to maximize the potential of renewable energy. This can be achieved by enhancing the regulatory framework that allows the private sector to buy and invest in the renewable energy industry. The presence of many energy providers into a grid could present a loophole for cyberattacks and reduce the power system’s reliability. A very efficient scheme for proper energy transactions is the adoption of blockchain for decentralizing power generation. The blockchain transactions eliminate the need for a third party and provide a secure and cost-effective meter to cash processes. This article will present successful case studies for implementing the blockchain power exchange, provide a feasibility study, and suggest a framework for the implementation of such a technology in Saudi Arabia.
Keywords: Blockchain, Cryptocurrency, Cybersecurity, Energy Transactions, Microgrid, Smart Grid, Smart Contracts, Tariff, distributed ledgers, Ethereum.
Title: Blockchain-based Energy Trading for Decentralized Energy Generation
Author: Tariq K. Aldawsari, Tariq A. Alateeq, Mohammed A. Alhulayyil, Sultan A. Almansour
International Journal of Electrical and Electronics Research
ISSN 2348-6988 (online)
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