ABSTRACT
For an energy ecosystem within a smart city, several entities interact to ensure the correct functioning and utilization of the available energy. The task becomes even more difficult when energy from various sources such as renewables and non-renewables exists in a single-energy ecosystem. Due to the climate change effect and the carbon emissions from non-renewable energy (NRE) systems, the need to transition into a renewable energy (RE) ecosystem, which is cleaner and more efficient, has attracted wide research attention. However, currently, RE and NRE ecosystems exist side by side. It is very difficult to identify participants within this ecosystem and the kind of energy being utilized due to the number of devices used by a single entity. It is also difficult to incentivize participants and systems within the ecosystem to initiate the correct behavior to ensure energy-efficient utilization and distribution across the ecosystem. In a complex system of multiple entities coming together and transacting diverse energy types, incentivization and energy exchange are difficult to achieve since inefficiencies related to the various energy type generated can affect all participants involved. We provide a solution to this by proposing a tokenized blockchain-based RE/NRE ecosystem.
We believe that the blockchain with its inherent tokenized system can be utilized to manage and control such complex ecosystems. In this work, we take a unique approach to ensuring effective control of energy systems by providing a means by which all participants and devices within an NRE/RE ecosystem are identified and verified over the network through the use of our blockchain network. We set up a set of protocols by which the behavior of devices and participants can be controlled and managed through a set of smart contracts that enforce rules ensuring decarbonization and energy conservation. We establish a reward mechanism using blockchain-generated tokens. These tokens are used as incentives for participants within a smart city and also used to generate energy within the ecosystem. A reputation mechanism and a means of access control are provided with the implementation of the tokenized approach. We provide a novel mechanism in which tokens can match the real-time energy amount of various energy types generated and can be transacted among entities and multiple ecosystem over Automated Energy Market Makers, ensuring an efficient energy ecosystem.
