Powering Transactive Energy Markets using Smart Contracts in an Integrated IoT-Blockchain Platform
In this project, we propose the use of blockchains to provide reliability, security, and transparency for collecting and querying IoT data in the energy sector. In particular, we will implement and evaluate our blockchain solution for enabling transactions in local energy markets, where homeowners have the capacity to generate energy (through renewables), stock energy (through electrical vehicle batteries), and consume energy. We will investigate various energy-related use cases and assess their relevance for Hydro-Quebec, as well as determine the added value of using a blockchain solution. We will then build a prototype, using open source blockchain software, to realize a studied use case using smart contracts. We will integrate our blockchain platform with the transactive energy platform developed by UQTR. Finally, we will evaluate our integrated IoT-Blockchain platform, in order to assess the challenge gaps surrounding the current systems, and further identify further research opportunities to improve the applicability and reliability of blockchain technology.