scholarly journals A Smart Contract-Based P2P Energy Trading System with Dynamic Pricing on Ethereum Blockchain

Sensors ◽  
2021 ◽  
Vol 21 (6) ◽  
pp. 1985
Author(s):  
Jae Geun Song ◽  
Eung seon Kang ◽  
Hyeon Woo Shin ◽  
Ju Wook Jang
Keyword(s):  
Virtual Machine ◽  
Dynamic Pricing ◽  
Peer To Peer ◽  
Trading System ◽  
Energy Trading ◽  
State Diagrams ◽  
Autonomous Operation ◽  
Smart Contract ◽  
Energy Trade ◽  
Automatic Balancing

We implement a peer-to-peer (P2P) energy trading system between prosumers and consumers using a smart contract on Ethereum blockchain. The smart contract resides on a blockchain shared by participants and hence guarantees exact execution of trade and keeps immutable transaction records. It removes high cost and overheads needed against hacking or tampering in traditional server-based P2P energy trade systems. The salient features of our implementation include: 1. Dynamic pricing for automatic balancing of total supply and total demand within a microgrid, 2. prevention of double sale, 3. automatic and autonomous operation, 4. experiment on a testbed (Node.js and web3.js API to access Ethereum Virtual Machine on Raspberry Pis with MATLAB interface), and 5. simulation via personas (virtual consumers and prosumers generated from benchmark). Detailed description of our implementation is provided along with state diagrams and core procedures.

A novel Confidential Consortium Blockchain framework for peer to peer energy trading

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Nihar Ranjan Pradhan ◽  
Akhilendra Pratap Singh ◽  
Kaibalya Prasad Panda ◽  
Diptendu Sinha Roy
Keyword(s):  
Rate Control ◽  
Feasible Solution ◽  
Functional Model ◽  
Peer To Peer ◽  
Consensus Protocol ◽  
Trading System ◽  
Energy Trading ◽  
Elapsed Time ◽  
Smart Contract ◽  
And Performance

Abstract The vital dependence of peer to peer (P2P) energy trading frameworks on creative Internet of Things (IoT) has been making it more vulnerable against a wide scope of attacks and performance bottlenecks like low throughput, high latency, high CPU, memory use, etc. This hence compromises the energy exchanging information to store, share, oversee, and access. Blockchain innovation as a feasible solution, works with the rule of untrusted members. To alleviate this threat and performance issues, this paper presents a Blockchain based Confidential Consortium (CoCo) P2P energy trading system that works on the trust issues among the energy exchanging networks and limits performance parameters. It reduces the duplicate validation by creating a trusted network on nodes, where participants identities are known and controlled. A Java-script-based smart contract is sent over the Microsoft CoCo system with Proof of Elapsed Time (PoET) consensus protocol. Also, a functional model is designed for the proposed framework and the performance bench-marking has been done considering about latency, throughput, transaction rate control, success and fail transaction, CPU and memory usage, network traffic. Additionally, it is shown that PoET’s performance is superior to proof of work (PoW) for multi-hosting conditions. The measured throughput and latency moving toward database speeds with more flexible, business-specific confidentiality models, network policy management through distributed governance, support for non-deterministic transactions, and reduced energy consumption.

scholarly journals Demonstration of Blockchain Based Peer to Peer Energy Trading System with Real-Life Used PHEV and HEMS Charge Control

Energies ◽  
2021 ◽  
Vol 14 (22) ◽  
pp. 7484
Author(s):  
Yuki Matsuda ◽  
Yuto Yamazaki ◽  
Hiromu Oki ◽  
Yasuhiro Takeda ◽  
Daishi Sagawa ◽  
...  
Keyword(s):  
Supply And Demand ◽  
Real Life ◽  
Energy System ◽  
Energy Markets ◽  
Peer To Peer ◽  
Renewable Energy Resources ◽  
Trading System ◽  
Energy Trading ◽  
Demonstration Experiment ◽  
Home Energy Management

To further implement decentralized renewable energy resources, blockchain based peer-to-peer (P2P) energy trading is gaining attention and its architecture has been proposed with virtual demonstrations. In this paper, to further socially implement this concept, a blockchain based peer to peer energy trading system which could coordinate with energy control hardware was constructed, and a demonstration experiment was conducted. Previous work focused on virtually matching energy supply and demand via blockchain P2P energy markets, and our work pushes this forward by demonstrating the possibility of actual energy flow control. In this demonstration, Plug-in Hybrid Electrical Vehicles(PHEVs) and Home Energy Management Systems(HEMS) actually used in daily life were controlled in coordination with the blockchain system. In construction, the need of a multi-tagged continuous market was found and proposed. In the demonstration experiment, the proposed blockchain market and hardware control interface was proven capable of securing and stably transmitting energy within the P2P energy system. Also, by the implementation of multi-tagged energy markets, the number of transactions required to secure the required amount of electricity was reduced.

scholarly journals SynergyGrids: blockchain-supported distributed microgrid energy trading

2021 ◽  
Author(s):  
Moayad Aloqaily ◽  
Ouns Bouachir ◽  
Öznur Özkasap ◽  
Faizan Safdar Ali
Keyword(s):  
Energy Consumption ◽  
Energy Demand ◽  
Hybrid Approach ◽  
Energy Resources ◽  
Local Energy ◽  
Trading System ◽  
Data Set ◽  
Energy Trading ◽  
Hybrid Energy ◽  
Smart Contract

AbstractGrowing intelligent cities is witnessing an increasing amount of local energy generation through renewable energy resources. Energy trade among the local energy generators (aka prosumers) and consumers can reduce the energy consumption cost and also reduce the dependency on conventional energy resources, not to mention the environmental, economic, and societal benefits. However, these local energy sources might not be enough to fulfill energy consumption demands. A hybrid approach, where consumers can buy energy from both prosumers (that generate energy) and also from prosumer of other locations, is essential. A centralized system can be used to manage this energy trading that faces several security issues and increase centralized development cost. In this paper, a hybrid energy trading system coupled with a smart contract named SynergyGrids has been proposed as a solution, that reduces the average cost of energy and load over the utility grids. To the best of our knowledge, this work is the first attempt to create a hybrid energy trading platform over the smart contract for energy demand prediction. An hourly energy data set has been utilized for testing and validation purposes. The trading system shows 17.8% decrease in energy cost for consumers and 76.4% decrease in load over utility grids when compared with its counterparts.

scholarly journals Design of a Secure Energy Trading Model Based on a Blockchain

2021 ◽  
Vol 13 (4) ◽  
pp. 1634
Author(s):  
Hoon Ko ◽  
Isabel Praça
Keyword(s):  
Focal Point ◽  
User Authentication ◽  
Trading System ◽  
Energy Trading ◽  
Blockchain Technology ◽  
Data Control ◽  
Energy Trade ◽  
Trading Model ◽  
Current Energy ◽  
User Security

This study proposes a Secure Energy Trading Model design based on a Blockchain is an attempt to overcome the weak security and instability of the current energy trading system. The focal point of the design lies in the user-security features of the model, such as user authentication and identification, and the blockchain that every transaction goes through. The user-security feature provides a safer system for peer-to-peer energy trade, and the blockchain technology ensures the reliability of the trading system. Furthermore, the Secure Energy Trading Model supports a decentralized data control mechanism as a future measure for handling vast amounts of data created by IoT.

scholarly journals A Decentralized Bilateral Energy Trading System for Peer-to-Peer Electricity Markets

2020 ◽  
Vol 67 (6) ◽  
pp. 4646-4657 ◽  
Author(s):  
Mohsen Khorasany ◽  
Yateendra Mishra ◽  
Gerard Ledwich
Keyword(s):  
Electricity Markets ◽  
Peer To Peer ◽  
Trading System ◽  
Energy Trading

scholarly journals Minimizing Energy Loss over Distance and Activating the Energy Trading System in Microgrid

2019 ◽  
Vol 260 ◽  
pp. 01003
Author(s):  
Sang Hyeon Lee ◽  
Myeong-in Choi ◽  
SangHoon Lee ◽  
SoungHoan Park ◽  
Sehyun Park
Keyword(s):  
Energy Loss ◽  
Power Line ◽  
Peer To Peer ◽  
Small Scale ◽  
Distributed Energy ◽  
Trading System ◽  
Energy Trading ◽  
Trading Systems ◽  
Efficient Energy ◽  
Electricity Trade

As small-scale distributed energy is gradually expanding, commercialization of peer to peer(P2P) energy trading that freely exchanges energy among individuals in various countries is being commercialized, and the Microgrids (MGs) are considered to be an optimal platform for P2P energy trading. Although conducting electricity trade among individuals without going through power companies is still in its infancy, it is expected to expand gradually as the awareness of the shared economy grows and the MG spreads. Research on more efficient trading systems is needed while trading energy in MG. Therefore we propose a more efficient energy trading system that minimizes the loss in proportion to the distance of the power line when energy trading is performed in the MG. We have constructed a virtual MG environment and experimented with energy trading scenarios. As a result, when the algorithm is applied, loss in proportion to the distance is reduced by 2.495% and energy trading becomes more active. The amount of energy and the number of trades increased by 1.5 times during the energy trading process.

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