With the booming of smart grid, The ubiquitously deployed smart meters
constitutes an energy internet of things. This paper develops a novel
blockchain-based transactive energy management system for IoT-aided smart
homes. We consider a holistic set of options for smart homes to participate in
transactive energy. Smart homes can interact with the grid to perform vertical
transactions, e.g., feeding in extra solar energy to the grid and providing
demand response service to alleviate the grid load. Smart homes can also
interact with peer users to perform horizontal transactions, e.g., peer-to-peer
energy trading. However, conventional transactive energy management method
suffers from the drawbacks of low efficiency, privacy leakage, and single-point
failure. To address these challenges, we develop a privacy-preserving
distributed algorithm that enables users to optimally manage their energy
usages in parallel via the smart contract on the blockchain. Further, we design
an efficient blockchain system tailored for IoT devices and develop the smart
contract to support the holistic transactive energy management system. Finally,
we evaluate the feasibility and performance of the blockchain-based transactive
energy management system through extensive simulations and experiments. The
results show that the blockchain-based transactive energy management system is
feasible on practical IoT devices and reduces the overall cost by 25%.

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