Optimized User-Friendly Transaction Time Management in the Blockchain Distributed Energy Market

Abstract

The blockchain nexus with energy transactions in the distributed energy-trading arena successfully achieved a decentralized transaction and increased security. With the elimination of a third-party middle man, an electronic app is introduced to achieve decentralization and aid transactive communications. Observing the internet-of-things (IoT) intense protocols in the transactive communications amongst blockchain participants, however, leads to transaction time delay with associated uncertainty. This paper integrates the practical byzantine fault tolerance (pBFT) algorithm with the private Hyperledger Sawtooth blockchain network (P) to achieve a P-pBFT algorithm. The P-pBFT achieved a combined two-step transaction latency optimization (minimization) amongst the blockchain participants in the distributed energy generation (DEG) ecosystem. Through their combined feature extraction, further minimization is achieved by simulating the resulting transaction model derived from the integration. Subsequently, an optimization method is proposed to achieve the shortest transaction time given transaction constraints based on participants' comfort. Thus, the ratio of node population to the transaction size and the choice of constraints can be regulated at the participants' convenience to achieve minimum transaction time. Hence, the benefit of deciding the transaction time is achieved thereby eliminating the undesired characteristic uncertainty.INDEX TERMS Blockchain transaction, blockchain transaction time optimization, blockchain transaction time simulation, distributed energy system, practical byzantine fault tolerance.

The Consumer-Centered Electricity Reliability Enhancement in the Standalone Generation Arena

“…In addition, it faces malicious cyber attacks from adversaries leading to additional delays [13], [14]. Furthermore, to boost a security measure against unforeseen malicious attacks in blockchains, a limit is inherently set to the block-creation time and transaction size [15]. This consequently sets a limit to the number of transactions admissible in each block.…”

“…It is important to notice that for the output-oriented approach, efficiency ( ) is the inverse of  (i.e.,  = 1/  ). For example, from Table V, the efficiency ( 1) of DMU1 (d1) is calculated by maximizing  in (15) given the constraint in ( 16) (refer to ( 13) and ( 14)). Similarly, the efficiency ( n) of DMUn (dn) is calculated by maximizing  in (17) given the constraint in (18), and so on.…”

Research of trusted real-time electrical data transmission mechanism based on parallel proof of work algorithm

“…Where S n is the signature of n -th block,P n is the block header hash value of (n-1 )-th block, H (•) is hash function, andr d is the random number generated in thed -th round computation in block generation process. In the generation process of n -th block, this random numberr d minimizes the result of hash functionH (•) in equation (1).…”

“…In the construction of electric power and energy industry, blockchain as the infrastructure of digital economy combined with industry applications, can form an immutable distributed ledger, potentially solving management, financing, regulation, and privacy issues caused by numerous transaction entities and opaque data information. Extensive research and attempts have been made by industrial experts and scholars on the application of blockchain technology in electric power field, including distributed energy trading [1], electric vehicle charging pile sharing [2], enterprise energy consumption monitoring [3], carbon emission trading [4], emerging energy business applications [5], etc. Such researches mainly based upon Bitcoin blockchain system, establishing a trustworthy energy trading platform through blockchain technology, thereby reducing trust cost in traditional power trading.…”

Research of trusted real‐time electrical data transmission mechanism based on Parallel Proof of Work algorithm

“…For industrial applications such as electric generation and transmission, blockchain can be treated as a decentralized, tamper-resistant, and open autonomous distributed database, which is suitable for the trustworthy storage and transmission of industrial data. Recently, numerous researches try to apply blockchain technology in electric power areas, including distributed energy trading [16], electric vehicle charging pile sharing [17], enterprise energy consumption monitoring [18], carbon emission supervising [19], emerging energy business applications [20], and so on. However, these studies mainly concern on constructing different kinds of energy transaction markets, but few direct applications are in the field of real-time industrial data.…”