Idea - FICS

Energy Trading

Team and Contact Details

Student Name School Degree Year Email
Yousma Izn KhanPNECUndergraduateFourthyousma.25@gmail.com
Hajra FarooqPNECUndergraduateFourthhajrafkhan97@gmail.com
Muhammad Owais RazaPNECUndergraduateFourthowaisraza23@hotmail.com
Hamza ShaukatPNECUndergraduateFourthshaukat.osama12@gmail.com

Inter School Idea ? No
Do you need expertises from another area: Yes
If Yes please provide details of expertises you need: We need to be aware of the concept of Blockchain.

Idea Details

Idea Name: Energy Trading
Slogan: Peer-to-Peer Energy Trading
Supervisor Name: Dr Syed Sajjad Haider Zaidi
Supervisor Designation: Assistant Professor of EPE Department
Supervisor School: PNEC
Supervisor Department: Department of Electronics and Power Engineering (EPE)
Contact number: 0321-3888853
Email ID: zaidisy1@gmail.com
Abstract:
    P2P is the concept of generation of electi using renewable sources, particularly solar energy by houses. These houses can both buy and sell energy(prosumers) to other nodes in the electricity network.
What is the unmet need in society that your idea will fulfill ?
    Power outage and load shedding is still a major issue in Third World Countries. Even in developed countries, there is still a large demand for electricity so alternate environment friendly solutions are preferred. There has also been an increase in global warming as well.
Who needs it ? How many would benefit ?
   It is beneficial in areas where there is a shortage of electricity. It is useful to those who possess solar panels and wish to earn by selling their excess energy to those who want to buy it at a cheaper rate than the one set by the gov. It allows direct transactions by cutting off the middleman.
How will the solution works
    We will create a prototype of 4 houses each containing a GUI on Visual Studio to display and input all electricity and transaction parameters and a prototype bi-directional smart meters(containing Arduino, ACS712,load and a voltage sensor) that will be connected to the GUI. It will read the real time electricity parameters and blockchain will be infused into the system to carry out secure transactions. The GUI will be used to decide if a houses wishes to be a consumer or producer of electricity.
Who are your competitors ? How is your solution different
    It is a new phenomenon that has not been adopted or implemented on a large scale except in Australia.
Status: new
Entry Date & Time: 2021-01-09 (1050)