A Payment System for Electric Vehicles Charging and Peer-to-Peer Energy Trading

The popularity of vehicles based on electricity is increasing as they are considered a sustainable mode of transportation. The charging infrastructure for electric vehicles are suffering various issues. There are limited availability of public charging stations, the high costs associated with installing private charging stations, and the high variability of electricity prices. The peer-to-peer (P2P) energy stability will be seen as a potential solution to facilitate electric vehicle (EV) charging in a manner that is both cost-effective and environmentally sustainable. The paper presents a novel system energy trading and charging payment for electric vehicles (EVs). The desired system enables EV owners to exchange surplus electricity with other EV owners in their location. The system being proposed utilizes blockchain technology to guarantee secure and transparent transactions. Additionally, it incorporates a smart contract to automate the trading and charging process. The system utilizes a dynamic pricing mechanism that adjusts in real-time to reflect the current electricity prices. This feature is designed to encourage electric vehicle owners to engage in energy stabilization during maximum usage hours. The Optimistic results shows that the described system has the efficacy on minimising the cost of vehicle charging and to decrease peak demand on the grid. Additionally, the system encourages the utilization of renewable energy sources.