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Decentralized Token Exchanges In Blockchain Enabled Interconnected Smart Microgrids
Blockchain technology (BCT) is emerging as a gamechanger for many industries due to its unique benefits like ability to conduct peer-to-peer (P2P) transactions in trustless environment with increased data security and transparency in real-time. It is employed in Blockchain Enabled Interconnected Smart Microgrids (BSMGs) to automate local energy markets, facilitate energy trading, and manage microgrid operations. However, with the increasing adoption of BSMGs, several challenges regarding interoperability between BSMGs may arise. Different BCT platforms may use their indigenous tokens or specially designed energy tokens for financial transactions. Also, cross-border international energy trades can become P2P which may involve real-time transactions using the countries’ digital currencies. Thus, in order to overcome the geographical and technological barriers impeding the widespread usage of BSMGs and access to energy for all, decentralized exchanges (DEX) must be incorporated. DEX are used in decentralized finance to exchange digital tokens and cryptocurrencies on blockchains. In this paper, an Order Book DEX is implemented on Cosmos which exchanges tokens between different chains using the Inter Blockchain Communication protocol (IBC). The working logic of the DEX is discussed and implemented using Ignite CLI. The financial exchanges and recording using buy and sell orders are demonstrated for the first time in energy domain.