Blockchain-based Efficient Energy Trading Scheme

for Smart-Grid Systems

Sahil Singla ∗ , Amit Dua† , Neeraj Kumar‡ , Sudeep Tanwar
∗†Department of Computer Science and Information Systems, BITS Pilani, Pilani (Rajasthan), India
∗ (e-mail: f2016103@pilani.bits-pilani.ac.in) † (e-mail: amit.dua@pilani.bits-pilani.ac.in)
‡ Computer Science & Engineering Department, Thapar Institute of Engineering & Technology, Patiala (Punjab),
2020 IEEE Globecom Workshops (GC Wkshps) | 978-1-7281-7307-8/20/$31.00 ©2020 IEEE | DOI: 10.1109/GCWkshps50303.2020.9367401

India (e-mail: neeraj.kumar@thapar.edu).

§ Department of Computer Science and Engineering, Institute of Technology, Nirma University, Ahmedabad, India,

(email: sudeep.tanwar@nirmauni.ac.in)

Abstract—Bidirectional flow of power has opened up numerous
opportunities for efficient usage of electricity. Vehicle to Grid
(V2G) support has enabled easy transfer of power from the
batteries of electric vehicles and then to the consumers itself. In
order to make this practically applicable, a well designed system
is needed for peer-to-peer (P2P) exchange of electricity for cur-
rency. Since it involves monetary transactions, it is expected to be
highly secure and auditable by the government. The blockchain
technology provides a transparent and secure means to achieve
this. The distributed nature of blockchain provides resiliency to
the system and also makes it highly available. It also provides a
means of enabling government audits and immutability of data
ensures full transparency. Motivated from these facts in this
paper, we propose an auction model to maximize the utilization
of power by trading energy for currency based on blockchain.
It uses geolocation as the prime parameter of visibility between
the consumers and aggregators of power and aims to create
an ecosystem of energy transfer. It ensures direct transactions
between suppliers and consumers of electricity within a specified
safe range and government permissioned transfer for larger
transactions.
Index Terms—Blockchain, V2G, VCG Auction
I. I NTRODUCTION
Efficient use of electric power has always been one of
the concerns of every nation with the constant depletion of
natural resources. The traditional power systems enable only
unidirectional flow of electricity from grids to consumers. The
emerging concept of V2G systems tends to improve upon the
existing model by enabling bidirectional flow of electricity.
This could potentially lead to maximum utilization of the
energy produced. Vehicle to Grid, commonly known as V2G
proposes extension of energy transfer from consumers who
have aggregated energy to grids that can again distribute it
to consumers who need it. V2G charging enables an electric
vehicle to increase as well as decrease the charging instead of
the traditional concept of increasing by plugging in the EV and
decreasing only on consumption. The model proposed in this
research paper aims to create an ecosystem where constant
electric power is produced by the government on the daily
basis and the consumers of electricity could trade it by acting
as aggregators of power. There is a need for a system that
provides energy transfer and incentivises the general popula-
tion to be a part of it. The most important characteristic of
this system has to be transparency, immutability and security.
The concept of blockchain provides a way to tackle these
issues. Blockchain uses a distributed ledger which can lead to
high availability and resiliency. Due to its distributed nature,
it doesn’t have any single point of failure (SPOF). Since, the
system proposed could lead to the involvement of a large
section of population, it is also necessary to have a trustless
system or not depend on any single intermediary for payments.
The system can lead to large amounts of currency transfer,
hence it needs to be audited as well and the blockchain
technology accounts for it. Hence, blockchain is the right
choice for this use case based on the system requirements.
A. Motivation
This research aims to provide an end to end solution
for the maximum utilization of power produced across the
globe. Instead of aggregation of power, its circulation among
consumers seems to be a much better prospect. This can only
be achieved by providing incentives to the owners of EV’s to
trade power for currency. According to Global EV Outlook
2019 [1], the report published by the IEA, there has been a
massive increase in the EV development sector. The global
stock passed 5 million in 2018 with an increase of 63% from
the previous year. This trend was seen in countries expanding
across the globe with 45% of the total being in China, 24%
in Europe and 22% in the US.
Apart from the exponential rise in the number of EV’s, the
number of charging points worldwide was estimated to be
approximately 5.2 million at the end of 2018, an increase of
44% from the previous year. This number signifies the amount
of investment in this sector and related fields.
Considering an average electric vehicle battery having
25kWh capacity, the total amount of energy that would po-
tentially be stored around the globe in EV’s will be 250 ∗
106 ∗ 25 = 6250gW h. To provide an estimate of the amount
of power we are dealing with, the following calculation has
been postulated.
An average household in the US uses 10,972kWh per year [2].
By this estimate, only the batteries of EV’s around the globe

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 could potentially run half a million households in the US for
an entire year. This signifies the scale of the problem at hand
and its impact if fully solved.
The main contributions from this work are as follows:
1) An architecture for efficient energy trading has been
proposed which provides incentives to the public to trade
energy for currency
2) It provides an auction based mechanism where the user’s
needs can drive the optimal price of the auction.
3) It provides optimal pricing algorithm that increases the
total social welfare and does not discriminate between
the various power units sold.
4) Power utilisation is maximized by minimizing the power
dissipation using location services.
Rest of the paper is organized as follows. A microanalysis of
some of the recent works in areas relating to this research have
been presented in Section II, followed by the design goals that
the solution needs in order be practically usable. Section IV
provides the actual System Overview, entities involved and hits
working in whole. This is followed by a small section on the
actual simulation of the design using Ethereum and illustrates
results. The paper sums up the hypothesis presented at the end.
II. R ELATED W ORK
Researchers around the globe have put tremendous efforts
to solve various independent parts of this problem. For a better
understanding of the past work in this domain, the following
subsections explain the research in different components that
could be stitched together to provide a complete solution. We
furhter aim to present the advantages and limitations of the
approaches used.
A. V2G on blockchain
The authors of [3] discuss about a blockchain based frame-
work using a tangle data structure instead of the traditional
blockchain. They highlight the significant advantages that
the tangle has in case of micro transactions. Since, there is
no mining fee involved, it seems to be ideally fit for this
use case. Though, the concept of tangle is very recent and
there has been no significant development in the area of
smart contracts on it providing very less developer support.
Moreover, mathematically a 34% attack could be successful
on a tangle instead of the 51% attack[4]. Thus, even after
being an efficient technology, it is still far from being actually
functional in applications.
The authors of [5] proposed the architecture and functionality
of a highly secure and privacy based payment mechanism on
blockchain. Two key challenges have been dealt with in this
research, the first one being the reliability and efficiency of the
transactions and the second one being the auditability along
with protection against attackers. The transaction structure
as well as the verification methods have been inspired from
Bitcoin. The key feature of this work is that it combines salient
features of Bitcoin with Hyperledger to minimize threats on a
secure private blockchain.
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B. Solutions Using Edge Computing
Edge computing is a networking philosophy that focuses
on computations locally on the user’s device instead of the
cloud. This could reduce the number of round trips that are
needed to get responses, especially when we are dealing with
networks around the globe. It tries to bring the computations
as close as possible to the source of data in terms of
actual geographic location. The authors of [6] incorporate
edge computing on blockchain to improve the successful
probability of block creation. Energy Internet(EI) has also
been discussed in this particular research. The energy internet
is a basically a network that could supply electricity across
the globe anywhere. It focuses on global demand instead of
national demand and could revolutionize the way electricity
is distributed.
The authors of [7] extend the concept of edge computing to
solve this problem involving heavy computations and also
introduce the concept of maximizing social welfare in the
auctions.
C. Concept of Smart Meters and Grids
The authors of [8] introduce the concept of Smart Meters
that could send data consumption of households to suppliers
or the government. This concept could create a significant
impact in the area of efficient energy transfer. Analytics on
a macroscopic scale could lead to trend observations and thus
regulate the production as well as supply of electricity. This
research could be used along with the current research to
build a more resilient system that could regulate supply based
entirely on machine learning algorithms using data generated
from the smart meters.
The authors of [9] extend the concept of smart meters and
discuss the concept of reverse auction where the discharging
and the charging EV’s send their requirements to the aggrega-
tors and all decisions are taken by the aggregator for optimal
distribution as well as pricing and rewarding. This model gives
immense power to aggregators to control the system and also
involves a lot of complexity. The auction model proposed in
the present paper is simpler and realizes the true essence of a
P2P system by giving equal power. The authors of [10] state
that future power systems will be immensely complicated and
interconnected in terms of data transfer and data processing
due to V2G enabled smart grids. They also highlight the
current issues of the banking system and an argument for
using blockchain based cryptocurrency system. The authors
of [11] propose a cross-domain authentication scheme for the
security threat posed in the system. The security of blockchain
based systems has been emphasised upon and the signature
and authentication of the system has been enhanced using the
SM9 identity based cryptographic algorithms.
D. Rewarding Mechanisms
The authors of [12] propose a hierarchical authentication
mechanism for rewarding electric vehicles and hence, increas-
ing the participation in the system. The authors of [13] extend
 this concept and introduce the Blockchain based anonymous
rewarding scheme (BBARS) and further enhance the security
and privacy of the rewarding system.
Table I illustrates the comparative depictions of the contribu-
tions in this field by previous researches.
III. D ESIGN G OALS
The system aims to minimise power dissipation and max-
imize energy transfer between entities involved providing
maximum use of available energy. This is done using an
auction model where those possessing electric power could
trade it for the particular blockchain currency on which the
system is built (in our case, ether), using geographical location
for limiting the visibility.
δ = Putilized = Pproduced − Pwasted
max(δ) = max(Pproduced − Pwasted ) = min(Pwasted )
Pwasted = f (transmissiondistance)
The design goals are summarised below:
Transparent and Audit enabled: All the transactions should
be transparent to the government and should be audit-able as
energy trading could lead to a major increase in income if
aggregators start storing energies in their vehicles just to sell
it further. Thus, this needs to be regulated in the form of taxes
imposed on the income.
Distributed: The system needs to be distributed to provide
High Availability(HA) and remove any Single Points of Fail-
ures(SPOF). The failure of the system could lead to loss
of large amounts of energy and moreover inconsistency in
currency transfer. Moreover, the system needs to remove
intermediaries to prevent monopolization of the industry.
Location based system: The entire system should be based on
geographical location. The project aims at the most efficient
use of electrical energy. The dissipation of power is directly
proportional to the transmission distance [Proofs section].
Thus, consumers can bid for power only within a particular
distance from them. The algorithm ensures that if there is
no bid within a specified time, the radius of visibility of
the bidmaster increases by 1/4th of the present radius. This
ensures minimum power dissipation along with maximum
power transfer between suppliers and consumers.
Permissioned transfer for massive transactions: Presently,
the only way of transmitting electricity is by using transmis-
sion lines of the government. Hence, it becomes absolutely
necessary to allow the government to block transactions that
could potentially lead to blowing up of the transmission lines.
However, it’s also important to obviate taking permissions for
each and every micro transfer to make the system practically
usable.
IV. S YSTEM OVERVIEW
This section explains the architecture and overview of the
proposed system in detail.
A. Architecture
Fig 1 shows the various entities that interact in the system.
Here is the detailed description of the components.
Registration Authority (RA): The Registration Authority
(RA) registers all users on the network. To minimize the risk
of malicious users, only owners of EV’s or having special
permissions from RA can create an auction. The RA is the
single point responsible for the registration of any user on the
network.
Suppliers: Aggregators of electricity that could supply power
to consumers. These suppliers act as bidmasters for the auction
and these terms will be used interchangeably in this paper.
Every EV owner would be eligible to be a bidmaster. Apart
from EV owners, the RA has the authority to allow others
users as bid masters.
Government Officials (GO): Government Officials (GO) are
part of the government that can block or allow the transactions
above the threshold based on the local conditions of that day
and the current situation of the transmission lines. The GO
can make the decision on the basis of the number of units for
which the auction has been created.
Bidders: Consumers of electricity that bid for power on their
respective networks. Each consumer needs to be available on
the blockchain network and within a specified radius of the
bidmaster to make their respective bids. The term bidder and
consumer will be used interchangeably in this system.
B. Permissioned Registration
This section specifies the permissions needed to take up a
specific role in the model.

TABLE I: A relative comparison of state-of-the-art works

Year Author Contribution
2020 Hassija et al.[3] A Blockchain-based Framework for Lightweight Data Sharing and Energy Trading in V2G Network
2018 Gao et al.[5] A Blockchain-Based Privacy-Preserving Payment Mechanism for Vehicle-to-Grid Networks
2018 Zhou et al.[6] Blockchain and Edge Computing Based Vehicle-to-Grid Energy Trading in Energy Internet
2020 Zhou et al.[7] Secure and Efficient Vehicle-to-Grid Energy Trading in Cyber Physical Systems: Integration of Blockchain and
Edge Computing
2019 Hussain et al.[8] Implementation of Blockchain Technology for Energy Trading with Smart Meters
2019 Liu et al.[9] Electric Vehicle Power Trading Mechanism Based on Blockchain and Smart Contract in V2G Network
2019 Moradi et al.[10] Blockchain, a Sustainable Solution for Cybersecurity Using Cryptocurrency for Financial Transactions in Smart
Grids
2018 Liu et al.[11] Research on A Cross-Domain Authentication Scheme Based on Consortium Blockchain in V2G Networks of
Smart Grid
2018 Garg et al.[12] An Efficient Blockchain-based Hierarchical Authentication Mechanism for Energy Trading in V2G Environment
2019 Wang et al.[13] BBARS: Blockchain-Based Anonymous Rewarding Scheme for V2G Networks

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 Fig. 1: Entity Interaction

Registration Authority: This permission is granted by the

administrator of the system only.
Aggregator: Every entity that needs to create auctions or sell
electricity needs to get authorization from the RA. A purchase
of EV automatically assigns a unique address with these rights
on the network. Other users can take authorization from the
RA.
Consumer: Authorisation from the RA is needed to be a
consumer. This is necessary for storing info for audits. In order Fig. 2: System Interaction
to place bids, some wallet balance would be needed.
Government Official: The RA assigns each state a particular
An account is created using the Signature generated by the
GO. This can be altered only by the RA.
RA and the public key of the user.
C. Process
εA = Account(ζ, Kpub
A
) (4)
Fig 2 shows the system architecture without the minute
technical details. The system involves six major processes in 2) Auction: Any supplier could place an auction for the
the following order: power units he/she holds. From hereon, the supplier is called
The Registration Authority(RA) is assigned by the system the Bidmaster for the auction. The duration of auction is given
administrator. This step is considered to be a prerequisite in as a parameter by the bidmaster himself.
setting up the system.
α = Auction(εbidmaster , dur, units, min bid) (5)
1) Registration: Every registered EV owner has the potential
to serve as a source of electricity and hence needs to be where εbidmaster denotes the account of the bidmaster, dur
registered as a supplier. There can be other entities that could denotes the duration of the auction, units denotes the number
store electricity or convert other sources of energy to electric of units for which the auction is being held and min bid
power and thus act as suppliers of power. Therefore, they could denotes the minimum bid allowed and π is the empty array
also register themselves as potential suppliers of electricity. initialized to hold the bid values.
Let A be a user with a 256-bit(32 bytes) custom generated 3) Permission: Whether the number of units are safe for
A
private key Kpri . Lets use ECC for generating the public key the transmission lines or not is determined by the Government
from this private key. The standard domain parameters are official assigned to that particular area. Since, the design
denoted by the set {p,a,b,G,n,h}. The curve is of the form already uses location based services, this is not an overhead
y 2 = x3 + ax + b(modp) where p is a prime number that in terms of infrastructure used. If it is deemed safe, only
limits the range from 0 to p-1. then the auction starts else, the official can change the total
The public key generated by using these parameters is number of units for which the auction has to be held.
A
denoted Kpub .
A
Kpub = ECC(Kpri A
) (1) v = V alidity(α) (6)
A
The Kpub is sent to the RA for authorization along with the 4) Bidding: Any user on the network within a particular
Social Security Number or the national identification proof. radius of the auction creator can place his/her bid for
electric power. Users on the network within a particular
a = Authorize(Kpri
A
) (2)
radius of the bidmaster are able to place their bids. After
a = 0 if the authorization is unsuccessful else a = 1. If a = every half hour, the visibility radius increases by 1/4th of
1, a signature is created by the RA using its own private key the current radius if the cumulative number of units of all
RA A
and the users’s public key, Kpri and Kpub bids is less than those specified by the bidmaster. A bid
implies actual donation of money to the system and can
ζ = Signature(Kpri
RA A
, Kpub ) (3) lead to inconsistent state for the period of auction. The total

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 amount of money shared between all the users may not Algorithm 1: System Overview
be conserved during the auction, but it is guaranteed that Require: Complete the entire transaction from bidding
the system returns to a consistent state once the auction is over. to transfer of energy and currency
Ensure: The total amount of currency in the system
bi = Bid(εi , p, u) (7) should be constant
1 Function Transaction()
where bi denotes the bid for the user i, εi denotes his account,
p denotes the bid price for each unit, u denotes the number of 2
A
Kpub = ECC(Kpri A
)
units for the bid. 3 a = Authorize(K pri )
A

5) End of the auction: The auction can be ended manually 4 if a =

 1 then
or will end automatically after the mentioned duration from 5 return
the start of the auction.If the cumulative number of units for 6 ζ = Signature(Kpri RA A
, Kpub )
which bids have been placed exceeds the number of units 7 ε A = Account(ζ, K A
pub )
available with the bidmaster, then the bidmaster has the option 8 α = Auction(εbidmaster , dur, units, min bid)
to end the auction, else he/she has to wait further. Once, 9 v = V alidity(α)
the auction is ended, either manually or automatically, it is 10 if v = 1 then
checked whether the total number of units demanded is greater 11 α=
than the total number of units auctioned. If that is not the case, Auction(εbidmaster , dur, updt units, min bid)
all transactions are reverted back and the auction is declared 12 end time = current time + dur
null and void. Else, the consensus price is calculated based 13 r = 5
on the Algorithmic Mechanism Design for consensus price 14 υ = 0.25
mentioned in the Algorithm 2. 15 π = []
16 bi = Bid(εi , p, u)
π = sort(π.begin(), π.end()) (8) 17 i:=1 u π = π.add(pair < p, εi >)
18 LOOP : if end time <= current time then
6) Transfer: Once, the auction ends, the energy is trans-
19 if π.size > updt units then
ferred to the users. The balance amounts are distributed to the
20 GOTO END
bidders by the system.
21 else
D. ALGORITHM FOR CONSENSUS PRICE 22 r+ = r/υ
The algorithm followed for deciding the consensus price is 23 end time = current time + dur
VCG auction for multiple units. 24 GOTO LOOP
Let there be k units for auction and n bidders. Then, 25 end
each bidder bids for each of the k units with bids in range 26 EN D : π = sort(π.begin(), π.end())
[0,+INFINITY]. Thus, all the bids can be summarized in 27 CP = ConsensusP rice(π, units, min bid)
Table II. For each unit i, the bid vector is given by: Bidi = 28 i:=1 {π.size − units}
1 2 3 k
bi , bi , bi , . . . . . . . . . . . . . . . . . . , bi 29 transf er(εbidmaster , π[i].second, π[i].f irst)
30 end

TABLE II: Bid Matrix

Units 1 2 . . . . k
Bidder B = {b1 , . . . , bn } be the set of bidders,
ID W = {w1 , . . . , wm } be the set of winners of each unit of m,
1 b11 b21 . . . . bk1
Vi = {V1 , . . . , Vm } be the set of social value gained by the
2 b12 b22 . . . . bk2
. . . . . . . . bidder i corresponding to each unit of A on a win. Vij = 0,
. . . . . . . . if Wj = bi .
n b1n b2n . . . bkn SVBI is the total collective social value after the auction is
over or
Let BID be the uni-dimensional array of size n*k with all j
SVBI = Σm n
i=1 Σj=1 Vi (9)
the bids. The consensus price is decided as follows:
Sort the BID in descending order. (Do not remove duplicates) The standard notation M \N of the set theory denotes
The consensus price is (k + 1)th entry in the sorted BID or is elements in M but not in N.
equal to the highest rejected price in the auction. Lets consider an item ij and let its winner be the bidder
bi . This reduces the set of items to I\ij and the remaining
E. Vickrey-Clarke-Gloves Auction I\i
collective social value to SVB\bji .
The system uses VCG auction technique to decide the Hence, the total loss of social value by this becomes
winners of the system. Formally defining, Let
M \i
I = {i1 , . . . , im } be the set of auctioned items, SVloss = SVNM\bi − SVN \bi j (10)

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 Algorithm 2: Consensus Price
Require: The Bid Array, total number of units of the
auction and the minimum Bid price
Ensure: Calculate the consensus price based on VCG
auction strategy
1 Function ConsensusPrice(Bids,totalUnits,minBid)
2 initialize size = Bids.size();
3 initialize consensusPrice = -1;
4 sort(Bids.begin(),Bids.end());
5 if size < auctionUnits then
6 return consensusPrice;
7 else if size == auctionUnits then
8 consensusPrice = minBid;
9 else
10 consensusPrice = bidArray[auctionUnits];
11 end
12 return consensusPrice;
13 end
The winner is determined by argmax(Vi − SVloss ).
V. SIMULATION
Registration: A user F buys an EV and thus needs to be
registered as a potential supplier in the network. The process
of registration mentioned in Section IV is carried out between
E and H and the account creation is assumed to be successful.
This is simulated by adding the address of F, εF to the
supplier’s list. We assume that A,B,C,D,E are five consumers
located within 5 km of E’s geolocation which have also been
added to the network. This is simulated by creating accounts
on ethereum that provide auto-generated account addresses.
Auction: On a particular day, with a fully charged EV
(assumed to be 10 units), E needs only 10% charge (1 unit)
for his daily commute. Keeping 20% (2 units) as a buffer, he
has 70% (7 units) extra energy to trade. Thus, an auction is
created for 7 units and a minimum bid price of 2 wei/unit.
Permission: The auction created is sent to G for approval.
Once, the permission is granted, the bidding process starts.
Bidding: Each of the users can specify the price and the
number of units for which he/she wants to bid. The minimum
bid price is assumed to be 2 wei/unit. Since, pe < min bid,
this is not added to the Bids array for calculating the consensus
price.
The Bids Array is formed by adding each of the accepted
bids’ price(p) exactly units(u) number of times. The Bid Array
formed is:
Initial: Bid Array = {}
Final:Bid Array = {5,5,5,5,5,7,7,7,7,7,8,8,8,3,3,3}
End of Auction: The consensus price is 7 as it is the highest
losing bid in the auction or the 8th highest bid.
The consensus Price is 7 wei/unit. The winners are C(3
units) and B (4 units).
Transfer: The actual transfers are carried out based on the
consensus price and the bids array.
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VI. C ONCLUSION
Efficient use of power is a major concern of the present as
well as the future. The concept of V2G provides an efficient
solution for tackling this issue. The blockchain technology
could be used to implement various solutions for the problem.
This research paper aimed at providing a complete design
of the system model for the implementation of one of it.
The design provided an auction model and the VCG auction
resonates well with this use case. Optimization of social
welfare has led to the algorithm for the consensus price used
here. To emphasize more on the idea and exhibit application,
a simulation of the important components of the system model
has also been implemented.
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