Cryptocurrency-Based Payment Framework for EV Charging

The world is transforming from paper or plastic currency towards digital currency. Everyone is trying to benefit from the decentralized system, the anonymity, and lower transaction cost offered by cryptocurrencies. One of the hurdles in the ascension of electric vehicle is its charging and the transaction for charging. In this chapter, a cryptocurrency-based payment framework is formulated for electric vehicle charging to eliminate the third-party involvement as in the plastic currency system. In this payment framework, smart contracts are deployed which would ensure the conditions to be satisfied, like the amount sent by the consumer. Smart contract includes the transfer function that would transfer the amount of ether and set charging time according to the charging rate, amount of ether sent, and power delivered. Overview of the platform prototype of payment is presented to demonstrate the implementation of the framework in the real world. At last, the authors look at the security issues, challenges ahead, and also suggested some of the improvements that could be further done.