Conceptual study—Artificial intelligence-integrated blockchain micromarkets for sustainable energy

Abstract

Since the dawn of this decade, India has reported enviable accomplishments in the electrification of its rural population. However, the contribution of renewable energy to the nation’s massive rural infrastructure is modest. A web survey of artificial intelligence (AI)-enabled smart contracts with green technologies , has shown that blockchain-based micromarket energy trading has not been fully harnessed. Ongoing studies in a village in India, have shown that the a novel Artificial Intelligence Integrated blockchain-based Micromarket for Integrated Community Energy Trading (AII-MICET) platform has a strong potential to maximize economic benefits, with minimal wastage of locally sourced distributed energy resources, by providing reliable, affordable green energy (Sustainable Development Goals # 7, 9, 11, and 13). The conceptual blockchain AII-MICET model, unified with artificial intelligence, affords dynamic pricing and smart contracts, to fulfill proliferating energy demands. The first phase of an experiential learning program has showed significant drops in grid purchases, from 15,485 kWh/year(14.4% of the community energy consumption from grid to 13,030 kWh/year (9.6%), with minimal wastage of renewable energy (PV solar and hydropower). Maneuvering the adversities of regulatory barriers, startup capital, and limited local technical expertise, the AII-MICET framework is planned to be validated through a human-centric design strategy of the Live-in-Labs® program. The proposed scheme incorporates adaptive trading mechanisms and utility grids integrated with renewable energy.