Decentralized Energy Trading Using Blockchain Technology: A Novel Approach to Democratizing the Energy Market

The Power sector is one of the largest and most important industries globally, significantly impacting the economy and the environment. However, traditional energy trading models are plagued by a lack of transparency, inefficiency, and centralization. This research paper addresses these problems by proposing a decentralized energy trading platform based on blockchain technology. The platform utilizes smart contracts and peer-to-peer transactions to enable secure, transparent, and efficient energy trading. The proposed platform will facilitate the democratization of the energy market by allowing prosumers (producers and consumers of energy) to trade excess energy directly with each other without the need for intermediaries. The study also explores the potential benefits and challenges of implementing such a platform and its impact on the energy market and the environment.