Practical Insights to Design a Blockchain-Based Energy Trading Platform

Abstract

Today, the development of decentralized energy management systems has accelerated due to the daily growth of renewable energy technologies and communications infrastructure. At the distribution system level, this approach has manifested itself with the emergence of the local energy market. In fact, the local energy market is becoming a new operating model to control local generation units. This paper describes the general architecture and elements used to implement a blockchain-based local energy market within a transactive management platform. After an overview of internet of things (IoT) communication technologies and the existing central-authority-based applications, the general structure and elements of peerto-peer (P2P) networks are reviewed. Next, the concepts of blockchain-based technologies and the required specifications for different building layers are outlined based on the limited relevant literature available. The concepts and requirements are investigated to provide practical insights to design trading platforms. INDEX TERMSLocal market, P2P energy market, transactive management platform, blockchain, IoT.

Decentralized Energy Trading for Grids Using Blockchain for Sustainable Smart Cities

“…The suggested DT-P2PET scheme uses a dynamic pricing mechanism in order to increase gain for both consumers and sellers while lowering the burden of generation and management of energy on the grid. The authors of paper [6] are of the opinion that the improvement of decentralized energy management systems has accelerated today as a result of the daily expansion of communications infrastructure and renewable energy technology. For managing local generation units, a new operating model is emerging: The local energy market.…”

Novel Architecture for Transactive Energy Management Systems with Various Market Clearing Strategies

“…Te proposed market architecture's benefts are highlighted by comparing it with the manager-based centralized energy market in terms of social welfare, total payment, and energy trade volume outcomes. Te overview of blockchain-based decentralized energy market architecture and its components for TEMS is detailed in [27]. Consecutively, the blockchain-based intra-and inter-VPP-P2P energy market is realized in [28].…”

Blockchain based energy trading in ADN with its probable impact on aggregated load profile, available distribution capability and loadability margin

“…In literature, several articles have investigated the application of blockchain based systems for energy trading. [8][9][10][11][12][13]. Practical insight into designing a blockchain based energy trading platform has been discussed in ref.…”

“…Practical insight into designing a blockchain based energy trading platform has been discussed in ref. [10] has been shown in Table 1. In existing work, several methods have been proposed for deploying blockchain based energy trading in active distribution systems, but methods to quantify the effect of deploying blockchain based energy transaction in active distribution system still needs to evolve.…”

“…Practical insight into designing a blockchain based energy trading platform has been discussed in ref. [10]. A taxonomy table showing the comparison of proposed work with a few recent articles has been shown in Table 1.…”