Joulin: blockchain-based P2P energy trading using smart contracts

Abstract

As a decentralized immutable ledger where several trustless peers can reach consensus with each other without the need of any trusted third party, blockchain technology fits perfectly with the peer-to-peer (P2P) energy trading paradigm. In this paper, we propose, design and analyze a marketplace for energy trading based on smart contracts on the blockchain. The proposed system named Joulin serves as a competitive and efficient marketplace where peers can both produce, buy and sell energy depending on their needs. As a proof-of-concept, we developed the prototype of the Joulin system using Ethereum blockchain. Our results, in terms of usability, flexibility and resiliency, demonstrate the potential to achieve an easily extendable and reliable system with low transaction costs. Low Ethereum gas costs and quick response times demonstrate usability. Our smart contracts have also been tested with security tools to ensure that they are not vulnerable to outside manipulations.