Microgrid operators, load aggregators and large power users were selected as the diversified trading subjects on the distribution side. Based on the comprehensive consideration of the balanced relationship between demands and interests among the three, the transaction framework of distribution side power market was preliminarily constructed under blockchain technology. On the bottom layer, blockchain core technologies were adopted to realize the trust, security and transparency, which gives full play to the advantages of its function of distributed ledger. On the upper layer, considering the different trading needs of market players, smart contract models of the multi-party transaction with the goal of maximization of interests were achieved by the gambling balance. Then the transaction contracts were recorded in the underlying ledger of the blockchain. Finally, based on the example analysis, the research results verified the feasibility of the smart contract model, and the flow of power market transactions on the distribution side under the blockchain technology was realized through simulation.