The rapid deployment of Electric Vehicles (EVs) and usage of renewable energy in day-to-day
activities of energy consumers have contributed toward the development of a greener smart
community. However, load balancing problems, security threats, privacy leakages, and lack
of incentive mechanisms remain unresolved in energy systems. Many approaches have been
used in the literature to solve the aforementioned challenges. However, these approaches are
not sufficient to obtain satisfactory results because of the resource and time-intensiveness of
the primitive cryptographic executions on the network devices. In most cases, energy trading
systems manage transactions using a centralized approach. This approach increases the risk of
a single point of failure and overall system cost. In this study, a blockchain based Local Energy
Market (LEM) model considering Home Energy Management (HEM) system and demurrage
mechanism is proposed to tackle the issue of a single point of failure in the energy trading
system. It allows both the prosumers and consumers to optimize their energy consumption
and minimize electricity costs. This model also allows end-users to shift their load to off-peak
hours and to use cheap energy from the LEM. On the other hand, users’ privacy leakages
are still not solved in blockchain and can limit its usage in many applications. This research
also proposes a blockchain based distributed matching and privacy-preservation model that
uses a reputation system for both residential homes and EVs to preserve users’ privacy and
efficiently allocate energy. A starvation free energy allocation policy is presented in the model.
In addition, a charging forecasting scheme for EVs is introduced that allows users to plan
and manage their intermittent EVs’ charging. Partial homomorphic encryption based on a
reputation system is used to hide the EVs users’ whereabouts. Identity Based Encryption (ID
Based encryption) technique is incorporated in the model to preserve the users’ information
privacy in the blockchain. Another bottleneck in the energy trading systems is to perform
efficient and privacy-preserving transactions. Therefore, an efficient and secure energy trading
model leveraging contract theory, consortium blockchain, and a reputation system is proposed.
Firstly, a secure energy trading mechanism based on consortium blockchain is developed.
Then, an efficient contract theory based incentive mechanism considering the information
asymmetry scenario is introduced. Afterwards, a reputation system is integrated to improve
transaction confirmation latency and block creation. Next, a shortest route and distance
algorithm is implemented in order to reduce the traveling distance and energy consumption
by the EVs during energy trading. Cheating attacks launched by both buyers and sellers
are also issues, which are still not resolved. Thus, a mutual-verifiable fairness mechanism
during energy trading based on timed commitment is presented. Proof-of-Energy Reputation
Generation (PoERG) and Proof-of Energy Reputation Consumption (PoERC) consensus
mechanisms are proposed to solve the high computational cost and huge monetary investment
issues created by Proof-of-Work (PoW) and Proof-of-Stake (PoS) existing mechanisms. The
mechanisms are developed based on reputation where energy trading transactions are audited,
validated, and added into blocks of a blockchain. In order to protect the proposed model
from impersonation attacks and minimize malicious validators, a two-stage peer-to-peer
secure energy trading model based on blockchain is proposed. The proposed model has two
layers: a mutual authentication process layer, and a secure and privacy-preserving energy
trading layer. Afterwards, an incentive-punishment algorithm is introduced to motivate
energy prosumers to contribute more energy in the proposed model. Next, a dynamic contract
theory based supply-demand ratio pricing scheme is proposed. The purpose of the proposed
pricing scheme is to solve the issues associated with the existing pricing scheme. Also, to
preserve the privacy of the actual energy consumption behavior of the trading participants.
Furthermore, storage overhead and delay in communication are challenges that need urgent
attention, especially in resource constrained devices for sustainable and efficient transactions.
Therefore, a consortium blockchain based vehicular system is proposed in this work for
secure communication and optimized data storage in Internet of Vehicles (IoV) network.
To secure the proposed system from active and passive attacks, an encryption technique
and an authentication mechanism are proposed based on public key encryption scheme and
hashing algorithm, i.e., Advanced Encryption Standard-256 and Rivest Shamir Adleman
(AES-256+RSA), and Keccak-256. It also protects the model from double spending attack.
Moreover, a cache memory technique is introduced to reduce service delay and high resource consumption. In the cache memory, the information of frequently used services is stored, which results in the reduction of service delivery delay. Simulation results show that all of the proposed models perform significantly better as compared to the existing schemes.