IoT based Sharing Economic Services in a Smart City

Abstract

In this industrial age, the need for electricity keeps on increasing rapidly. The concept of smart grid was proposed in order to provide more efficiency in distribution of power and to maintain low loss level and high level of quality. Smart grid is useful in enabling small and separate private scale to generate the consumption and selling it to a grid. In this paper, we use block chain as a tool to maintain the generated transactions in the smart grid. Transactions are performed with smart contracts, and the network acts as a transaction verifier. The block chain provides immutability of the transactions, which ensure every transaction between generators and consumers will always be executed. It also provides immutability to transaction history, which can be used for audit or solving a transaction dispute.