Blockchain Based Energy Trading Model for Electric Vehicle Charging Schemes

The electricity market is undergoing a transformation with increasing number of electric vehicles (EV). This paper studies the current charging and discharging schemes for EV and the feasibility of the decentralized transactional energy market. In order to adapt the high volume of EV integration and fully decentralize the grid system, the blockchain technology is introduced to serve as an envision for the next generation grid. Furthermore, we propose a blockchain technology enabled electricity exchange market to enable EVs’ autonomy in trading energy with secured distributed energy transactions. The constructed exchange market is price competitive platform where the best bid price is modelled via the jump-diffusion process to enable users to participate in the trading process. We demonstrate that our proposed distributed energy exchange system can perform the peer-to-peer transaction with the real-time electricity price aligning with the EV power demand trend without requiring a third-party intermediary.