Abstract

The emergence of blockchains and smart contracts have renewed interest in electrical cyber-physical systems, especially in the area of transactive energy systems. However, despite recent advances, there remain significant challenges that impede the practical adoption of blockchains in transactive energy systems, which include implementing complex market mechanisms in smart contracts, ensuring safety of the power system, and protecting residential consumers’ privacy. To address these challenges, we present TRANSAX, a blockchain-based transactive energy system that provides an efficient, safe, and privacy-preserving market built on smart contracts. Implementation and deployment of TRANSAX in a verifiably correct and efficient way is based on VeriSolid, a framework for the correct-by-construction development of smart contracts, and RIAPS, a middleware for resilient distributed power systems.