Due to rapid growth in renewable energy resources and improvements in battery technology, power grids are undergoing major changes, which create significant management and control challenges. To tackle these challenges, decentralized solutions are needed, which can support the evolution of electrical power distribution systems. Transactive energy is a decentralized solution for dynamically balancing demand and supply, in which consumers, prosumers (i.e., consumers with energy storage or generation capabilities), providers, etc. can trade energy in an open market.
The adoption of blockchain based distributed ledgers is growing fast due to their ability to provide reliability, integrity, and auditability without trusted entities. One of the key capabilities of these emerging platforms is the ability to create self-enforcing smart contracts. However, the development of smart contracts has proven to be error-prone in practice, and as a result, contracts deployed on public platforms are often riddled with security vulnerabilities. This issue is exacerbated by the design of these platforms, which forbids updating contract code and rolling back malicious transactions. In light of this, it is crucial to ensure that a smart contract is secure before deploying it and trusting it with significant amounts of cryptocurrency.