An Efficient Consensus Protocol for Blockchain Technology in Smart Grid Contracts

The decentralized operation of the power system, which is built entirely on the consensus notion, is one of the most important contemporary subjects in the energy industry. Without the need for a “neutral arbiter, all significant market participants can come to an understanding. Peer-to-peer (P2P) architecture, interface communication, and network security are all discussed in this paper as they pertain to the decentralized nature of the energy market and the paper’s proposed solution: a P2P-based platform. For this reason, it is critical to protect the market player’s communication interfaces from harmful assaults. In this case, a new blockchain platform coinciding with the P2P energy market ensures that the necessary consensus may be reached safely. An efficient algorithm based on the Relaxed Consensus-Innovation (RCI) protocol controls the energy market, with the goal of facilitating power/price trading between participants in a decentralized, peer-to-peer (P2P) setting. Market participants in the proposed model include a microgrid and a smart grid, both of which are assumed to act in their own self-interest while negotiating with one another in a safe setting. Microgrids use wind turbines, solar panels, tidal turbines, and battery storage units, whereas the smart grid uses distributed generators (DGs) and transmission lines modelled after the IEEE 24-bus test system. In the peer-to-peer energy market, a stochastic framework that is based on unscented transform (UT) has been developed to deal with the uncertainty effects caused by the circumstance. For gauging and validating the fault-tolerant system’s resistance to cyber-attack, we model and apply the fault data injection attack (FDIA) on the blockchain-based P2P energy market”. Simulation results validate the paper’s ideas.