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Original Article
Tokenizing Electricity Consumption Using IoT and Blockchain
Rajiv Patil1
Kabir Raval2
Divija Shah3
Prisha Rathi4
Rupali Bathe5
1 2 3 4 5 Department of Computer Science and Engineering, Internet of Things and Cyber Security Including Block Chain Technology, Vishwakarma Institute of Technology, Pune, Maharashtra, India
Published Online: May-June 2026
Pages: 25-33
Cite this article
↗ https://www.doi.org/10.59256/ijrtmr.20260603003References
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on Internet of Things: Systems, Management and Security (IOTSMS), 2019, pp. 412–419
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4, 2018.
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pp. 61048-61073, 2021.
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6. Y. C. Lo and F. Medda, "Assets on the blockchain: An empirical study of Tokenomics," Information Economics and Policy, vol. 53, p.
100881, 2020.
7. Z. Zheng et al., "An overview of blockchain technology: Architecture, consensus, and future trends," in Proc. IEEE 6th Int. Congr. Big
Data, 2017, pp. 557–564.
8. P. Freni, E. Ferro, and R. Moncada, "Tokenization and Blockchain Tokens Classification: a morphological framework," 2020 IEEE
Symposium on Computers and Communications (ISCC), pp. 1-6, 2020.
9. D. Uzoski, "Tokenization of Infrastructure: A blockchain-based solution to financing sustainable infrastructure," International Institute
for Sustainable Development, Jan. 2019.
10. A. Goudarzi, F. Ghayoor, S. Fahad, M. Waseem, and I. T. `"A Survey on IoT-Enabled Smart Grids: Emerging Applications, Security
Issues, Advanced Solutions, and Future Trends," Energies, vol. 15, no. 19, p. 6984, 2022.
11. C. Zhang, J. Wu, C. Long, and M. Cheng, "Review of Existing Peer-to-Peer Energy Trading Projects," Energy Procedia, vol. 105, pp.
2563-2568, 2017
12. C. Pop, T. Cioara, M. Antal, I. Anghel, I. Salomie, and M. Bertoncini, "Blockchain Based Decentralized Management of Demand
Response Programs in Smart Energy Grids," Sensors, vol. 18, no. 1, p. 162, 2018
13. A. Rejeb, K. Rejeb, I. Zrelli, E. Süle, and M. Iranmanesh, "Blockchain technology in the renewable energy sector: A co-word analysis of
academic discourse," Heliyon, vol. 10, no. 8, e29600, 2024.
14. W. Hua, J. Jiang, H. Sun, and J. Wu, "A blockchain based peer-to-peer trading framework integrating energy and carbon markets," Applied
Energy, vol. 279, p. 115539, 2020
15. M. Andoni et al., “Blockchain technology in the energy sector: a systematic review of challenges and opportunities,” Renewable and
Sustainable Energy Reviews, vol. 100, pp. 143–174, 2019.
16. S. Seven, Y. Yoldas, A. Soran, G. Y. Alkan, J. Jung, T. S. Ustun, and A. Onen, "Energy Trading on a Peer-to-Peer Basis between Virtual
Power Plants Using Decentralized Finance Instruments," Sustainability, vol. 14, no. 21, p. 13286, 2022.
17. M. Zedan et al., "Review of peer-to-peer energy trading: Advances and challenges," e-Prime - Advances in Electrical Engineering,
Electronics and Energy, vol. 10, p. 100778, 2024.
18. M. Vukolic, "The quest for scalable blockchain fabric: Proof-of-work vs. BFT replication," in Proc. Int. Workshop Open Problems Netw.
Secur., 2015, pp. 112–125.
19. O. O. Egunjobi et al., "Systematic survey on blockchain for energy applications: Choosing the right consensus, platform, and components,"
e-Prime - Advances in Electrical Engineering, Electronics and Energy, vol. 9, p. 100751, 2024.
20. "Quartierstrom’—Field Test of Switzerland’s First Local Electricity Market Successfully Completed," 2024.
21. A. Meeuw, S. Schopfer, A. Wörner, V. Tiefenbeck, L. Ableitner, E. Fleisch, and F. Wortmann, "Implementing a blockchain-based local
energy market: insights on communication and scalability," Computer Communications, vol. 160, pp. 158–171, 2020.
22. M. Elhajj, A. Attar, and A. Mikati, "Integrating IoT and blockchain for smart urban energy management: a sustainable framework with
hybrid consensus and AI-driven optimization," Cluster Computing, 2025.
23. S. Zhang, J. Rong, and B. Wang, "A privacy protection scheme of smart meter for decentralized smart home environment based on
consortium blockchain," Electrical Power and Energy Systems, vol. 121, p. 106140, 2020.
24. “ERC-20: Token Standard,” Ethereum Improvement Proposals, EIP-20. Online.
25. C. Pop, T. Cioara, M. Antal, I. Anghel, I. Salomie, and M. Bertoncini, "Blockchain Based Decentralized Management of Demand
Response Programs in Smart Energy Grids," Sensors, vol. 18, p. 162, 2018.26. N. Z. Aitzhan and D. Svetinovic, “Security and Privacy in Decentralized Energy Trading Through Multi-Signatures, Blockchain and
Anonymous Messaging Streams,” IEEE Transactions on Dependable and Secure Computing, vol. 15, no. 5, pp. 840–852, 2018.
27. E. Androulaki et al., “Hyperledger fabric: A distributed operating system for permissioned blockchains,” in Proc. 13th EuroSys Conf.,
2018.
28. M. Tahir et al., "Implementation of a smart energy meter using the Internet of things and blockchain," Frontiers in Energy Research, vol.
10, 2022.
29. C. Antal, T. Cioara, M. Antal, V. Mihailescu, D. Mitrea, I. Anghel, I. Salomie, G. Raveduto, M. Bertoncini, V. Croce, T. Bragatto, F.
Carere, and F. Bellesini, "Blockchain based Decentralized Local Energy Flexibility," 2020 IEEE International Conference on Blockchain
(Blockchain), 2020.
30. J. Liu et al., "Blockchain in the energy market: A comprehensive survey," Renewable and Sustainable Energy Reviews, vol. 189, p.
113944, 2024.
31. Y. Lee and D. Kim, "Threats Analysis, Requirements and Considerations for Secure Internet of Things," International Journal of Smart
Home, vol. 9, pp. 191-198, 2015.
32. A. Barbaschow, "City of Fremantle readies AU$8m energy and water blockchain project," ZDNet, Mar. 5, 2018. Online. Available:
https://www.zdnet.com/article/city-of-fremantle-readies-au8m-energy-and-water-blockchain-project/.
33. S. Seven et al., "Energy Trading on a Peer-to-Peer Basis between Virtual Power Plants Using Decentralized Finance Instruments,"
Sustainability, vol. 14, p. 13286, 2022.
34. M. A. Uddin, A. Stranieri, I. Gondal, and V. Balasubramanian, "A survey on the adoption of blockchain in IoT: challenges and solutions,"
Blockchain: Research and Applications, vol. 2, no. 2, p. 100006, 2021.
35. T. Khan, M. Yu, and M. Waseem, "Review on recent optimization strategies for hybrid renewable energy system with hydrogen
technologies: State of the art, trends and future directions," International Journal of Hydrogen Energy, vol. 47, no. 58, pp. 25155-25201,
2022.
36. W. Waseem, Z. Lin, S. Liu, Z. Jinai, M. Rizwan, and I.A. Sajjad, "Optimal BRA based electric demand prediction strategy c onsidering
instance-based learning of the forecast factors," Int. Trans. Electr. Energy Syst., vol. 31, no. 9, 2021.
37. J. S. Søgaard, P. W. Eklund, L. Herskind, and J. Spasovski, "Improving trust in a (trans) national invoicing system: the performance of
crash vs. byzantine fault tolerance at scale," Applied Sciences, vol. 13, no. 12, p. 6941, 2023.
38. M. N. M. Bhutta et al., "A Survey of Blockchain Technology: Evolution, Architecture, Consensus, and Security," IEEE Access, vol. 9,
pp. 61048-61073, 2021.
39. W. Waseem, M. Rizwan, I.A. Sajjad, et al., "DRGO: Deep Reinforcement Learning with Genetic Optimization for Blockchain-
Empowered Task Offloading in MEC," arXiv preprint, 2024.
40. X. Qiu et al., "DRGO: Deep Reinforcement Learning with Genetic Optimization for Blockchain-Empowered Task Offloading in MEC,"
arXiv preprint, 2024
on Internet of Things: Systems, Management and Security (IOTSMS), 2019, pp. 412–419
2. Y. Guo, Z. Wan, and X. Cheng, "When Blockchain Meets Smart Grids: A Comprehensive Survey," arXiv preprint, 2021.
3. Y. Lu, "Blockchain: A survey on functions, applications and open issues," Journal of Industrial Integration and Management, vol. 3, no.
4, 2018.
4. M. N. M. Bhutta et al., "A Survey of Blockchain Technology: Evolution, Architecture, Consensus, and Security," IEEE Access, vol. 9,
pp. 61048-61073, 2021.
5. Y. Xinyi, Z. Yi, and Y. He, "Technical characteristics and model of blockchain," in Proc. 10th APCA Int. Conf. Control Soft Comput.
(CONTROLO), 2018, pp. 562–566.
6. Y. C. Lo and F. Medda, "Assets on the blockchain: An empirical study of Tokenomics," Information Economics and Policy, vol. 53, p.
100881, 2020.
7. Z. Zheng et al., "An overview of blockchain technology: Architecture, consensus, and future trends," in Proc. IEEE 6th Int. Congr. Big
Data, 2017, pp. 557–564.
8. P. Freni, E. Ferro, and R. Moncada, "Tokenization and Blockchain Tokens Classification: a morphological framework," 2020 IEEE
Symposium on Computers and Communications (ISCC), pp. 1-6, 2020.
9. D. Uzoski, "Tokenization of Infrastructure: A blockchain-based solution to financing sustainable infrastructure," International Institute
for Sustainable Development, Jan. 2019.
10. A. Goudarzi, F. Ghayoor, S. Fahad, M. Waseem, and I. T. `"A Survey on IoT-Enabled Smart Grids: Emerging Applications, Security
Issues, Advanced Solutions, and Future Trends," Energies, vol. 15, no. 19, p. 6984, 2022.
11. C. Zhang, J. Wu, C. Long, and M. Cheng, "Review of Existing Peer-to-Peer Energy Trading Projects," Energy Procedia, vol. 105, pp.
2563-2568, 2017
12. C. Pop, T. Cioara, M. Antal, I. Anghel, I. Salomie, and M. Bertoncini, "Blockchain Based Decentralized Management of Demand
Response Programs in Smart Energy Grids," Sensors, vol. 18, no. 1, p. 162, 2018
13. A. Rejeb, K. Rejeb, I. Zrelli, E. Süle, and M. Iranmanesh, "Blockchain technology in the renewable energy sector: A co-word analysis of
academic discourse," Heliyon, vol. 10, no. 8, e29600, 2024.
14. W. Hua, J. Jiang, H. Sun, and J. Wu, "A blockchain based peer-to-peer trading framework integrating energy and carbon markets," Applied
Energy, vol. 279, p. 115539, 2020
15. M. Andoni et al., “Blockchain technology in the energy sector: a systematic review of challenges and opportunities,” Renewable and
Sustainable Energy Reviews, vol. 100, pp. 143–174, 2019.
16. S. Seven, Y. Yoldas, A. Soran, G. Y. Alkan, J. Jung, T. S. Ustun, and A. Onen, "Energy Trading on a Peer-to-Peer Basis between Virtual
Power Plants Using Decentralized Finance Instruments," Sustainability, vol. 14, no. 21, p. 13286, 2022.
17. M. Zedan et al., "Review of peer-to-peer energy trading: Advances and challenges," e-Prime - Advances in Electrical Engineering,
Electronics and Energy, vol. 10, p. 100778, 2024.
18. M. Vukolic, "The quest for scalable blockchain fabric: Proof-of-work vs. BFT replication," in Proc. Int. Workshop Open Problems Netw.
Secur., 2015, pp. 112–125.
19. O. O. Egunjobi et al., "Systematic survey on blockchain for energy applications: Choosing the right consensus, platform, and components,"
e-Prime - Advances in Electrical Engineering, Electronics and Energy, vol. 9, p. 100751, 2024.
20. "Quartierstrom’—Field Test of Switzerland’s First Local Electricity Market Successfully Completed," 2024.
21. A. Meeuw, S. Schopfer, A. Wörner, V. Tiefenbeck, L. Ableitner, E. Fleisch, and F. Wortmann, "Implementing a blockchain-based local
energy market: insights on communication and scalability," Computer Communications, vol. 160, pp. 158–171, 2020.
22. M. Elhajj, A. Attar, and A. Mikati, "Integrating IoT and blockchain for smart urban energy management: a sustainable framework with
hybrid consensus and AI-driven optimization," Cluster Computing, 2025.
23. S. Zhang, J. Rong, and B. Wang, "A privacy protection scheme of smart meter for decentralized smart home environment based on
consortium blockchain," Electrical Power and Energy Systems, vol. 121, p. 106140, 2020.
24. “ERC-20: Token Standard,” Ethereum Improvement Proposals, EIP-20. Online.
25. C. Pop, T. Cioara, M. Antal, I. Anghel, I. Salomie, and M. Bertoncini, "Blockchain Based Decentralized Management of Demand
Response Programs in Smart Energy Grids," Sensors, vol. 18, p. 162, 2018.26. N. Z. Aitzhan and D. Svetinovic, “Security and Privacy in Decentralized Energy Trading Through Multi-Signatures, Blockchain and
Anonymous Messaging Streams,” IEEE Transactions on Dependable and Secure Computing, vol. 15, no. 5, pp. 840–852, 2018.
27. E. Androulaki et al., “Hyperledger fabric: A distributed operating system for permissioned blockchains,” in Proc. 13th EuroSys Conf.,
2018.
28. M. Tahir et al., "Implementation of a smart energy meter using the Internet of things and blockchain," Frontiers in Energy Research, vol.
10, 2022.
29. C. Antal, T. Cioara, M. Antal, V. Mihailescu, D. Mitrea, I. Anghel, I. Salomie, G. Raveduto, M. Bertoncini, V. Croce, T. Bragatto, F.
Carere, and F. Bellesini, "Blockchain based Decentralized Local Energy Flexibility," 2020 IEEE International Conference on Blockchain
(Blockchain), 2020.
30. J. Liu et al., "Blockchain in the energy market: A comprehensive survey," Renewable and Sustainable Energy Reviews, vol. 189, p.
113944, 2024.
31. Y. Lee and D. Kim, "Threats Analysis, Requirements and Considerations for Secure Internet of Things," International Journal of Smart
Home, vol. 9, pp. 191-198, 2015.
32. A. Barbaschow, "City of Fremantle readies AU$8m energy and water blockchain project," ZDNet, Mar. 5, 2018. Online. Available:
https://www.zdnet.com/article/city-of-fremantle-readies-au8m-energy-and-water-blockchain-project/.
33. S. Seven et al., "Energy Trading on a Peer-to-Peer Basis between Virtual Power Plants Using Decentralized Finance Instruments,"
Sustainability, vol. 14, p. 13286, 2022.
34. M. A. Uddin, A. Stranieri, I. Gondal, and V. Balasubramanian, "A survey on the adoption of blockchain in IoT: challenges and solutions,"
Blockchain: Research and Applications, vol. 2, no. 2, p. 100006, 2021.
35. T. Khan, M. Yu, and M. Waseem, "Review on recent optimization strategies for hybrid renewable energy system with hydrogen
technologies: State of the art, trends and future directions," International Journal of Hydrogen Energy, vol. 47, no. 58, pp. 25155-25201,
2022.
36. W. Waseem, Z. Lin, S. Liu, Z. Jinai, M. Rizwan, and I.A. Sajjad, "Optimal BRA based electric demand prediction strategy c onsidering
instance-based learning of the forecast factors," Int. Trans. Electr. Energy Syst., vol. 31, no. 9, 2021.
37. J. S. Søgaard, P. W. Eklund, L. Herskind, and J. Spasovski, "Improving trust in a (trans) national invoicing system: the performance of
crash vs. byzantine fault tolerance at scale," Applied Sciences, vol. 13, no. 12, p. 6941, 2023.
38. M. N. M. Bhutta et al., "A Survey of Blockchain Technology: Evolution, Architecture, Consensus, and Security," IEEE Access, vol. 9,
pp. 61048-61073, 2021.
39. W. Waseem, M. Rizwan, I.A. Sajjad, et al., "DRGO: Deep Reinforcement Learning with Genetic Optimization for Blockchain-
Empowered Task Offloading in MEC," arXiv preprint, 2024.
40. X. Qiu et al., "DRGO: Deep Reinforcement Learning with Genetic Optimization for Blockchain-Empowered Task Offloading in MEC,"
arXiv preprint, 2024
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