ElectroBlocks: A blockchain‐based energy trading scheme for smart grid systems

Abstract

Summary Smart grid systems are widely used across the world for providing demand response management between users and service providers. In most of the energy distributions scenarios, the traditional grid systems use the centralized architecture, which results in large transmission losses and high overheads during power generation. Moreover, owing to the presence of intruders or attackers, there may be a mismatch between demand and supply between utility centers (suppliers) and end users. Thus, there is a need for an automated energy exchange to provide secure and reliable energy trading between users and suppliers. We found, from the existing literature, that blockchain can be an effective solution to handle the aforementioned issues. Motivated by these facts, we propose a blockchain‐based smart energy trading scheme, ElectroBlocks, which provides efficient mechanisms for secure energy exchanges between users and service providers. In ElectroBlocks, nodes in the network validate the transaction using two algorithms that are cost aware and store aware. The cost‐aware algorithm locates the nearest node that can supply the energy, whereas the store‐aware algorithm ensures that the energy requests go to the node with the lowest storage space. We evaluated the performance of the ElectroBlocks using performance metrics such as mining delay, network exchanges, and storage energy. The simulation results obtained demonstrate that ElectroBlocks maintains a secure trade‐off between users and service providers when using the proposed cost‐aware and store‐aware algorithms.

A Blockchain-Based Sealed-Bid e-Auction Scheme with Smart Contract and Zero-Knowledge Proof

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“…It is harder to break for hackers compared to RSA and DSA, which means that the ECC algorithm ensures or secures the website and infrastructure safety than traditional methods in a more secure manner in the future. e Pedersen commitment cryptography function is defined in equation (1). By introducing the random blinding factor r, even if the private data v remains unchanged, the final commitment c will change according to the change of r, which implements the hiding of data.…”

“…In recent years, the blockchain technology was successfully applied in e-cash, intellectual property protection, evidence fixation, reputation systems, Internet of things (IoT), financial services, and energy trading [1][2][3]. Researchers have been trying to migrate e-auctions to blockchains.…”

Real-Time Bidding Model of Cryptocurrency Energy Trading Platform

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Herramienta web con tecnología de cadena de bloques para un sistema de facturación electrónica en Colombia

“…La generación de este tipo de documentos, conocidos como contratos inteligentes permite manejar la información de forma descentralizada, eficiente, transparente y con una trazabilidad de acuerdo con el historial del documento. En (Tanwar et al, 2020) se usa la tecnología Blockchain para realizar el seguimiento en un esquema de compra y venta de energía eléctrica. El área financiera es intervenida por esta tecnología dejando a un lado problemas como hackeo en transacciones monetarias, tarifas de transacción, fraude, entre otros (Tapscott y Tapscott, 2017).…”