Smart contract architecture for decentralized energy trading and management based on blockchains

Han, Dong; Zhang, Chengzhenghao; Jian, Ping; Zheng, Yi

doi:10.1016/j.energy.2020.117417

Cited by 171 publications

(89 citation statements)

References 27 publications

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“…(2) Condition (12) shows that any two smart contracts has dependence. Otherwise, there may be two or more unrelated smart contracts in a topic.…”

Section: B Topicsmentioning

confidence: 99%

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Fully Decentralized Model by P2P Smart Contract To Achieve High Availability in IoT

Hong¹,

Guo²,

Lu³

et al. 2022

Preprint

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<div>Currently, the P2P method is that its software runs on a P2P hardware environment. However, the software is not a P2P one. It is difficult to match the scenarios in which the users' requirements change often. Meanwhile, if the software is out of service, all participants are affected. Thus, in this paper, we propose the fully decentralized application model, in which a P2P software runs in a P2P hardware environment. It is based on the blockchain, as a blockchain provides a secured P2P hardware environment. We focus on its P2P software (the P2P smart contract). A P2P smart contract is formed by smart contracts from its participants instead of a third party. It allows each participant to specify its requirement in a turning-complete way and the failure of one smart contract does not affect other smart contracts. We first describe the requirement of the P2P smart contract and the dependence among them. Then, we propose different ways to pair associated smart contracts. At last, we verify the proposed P2P smart contract model, and it shows more flexibility and robustness than the centralized software method.</div>

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“…(2) Condition (12) shows that any two smart contracts has dependence. Otherwise, there may be two or more unrelated smart contracts in a topic.…”

Section: B Topicsmentioning

confidence: 99%

“…Some research focus on how to improve the gas fee in the smart contract [11]. Some research focuses on the application of smart contracts, such as to promote resource share [12]. Even the smart contract is applied to interact with non-blockchain system [13].…”

Section: Related Workmentioning

confidence: 99%

Fully Decentralized Model by P2P Smart Contract To Achieve High Availability in IoT

Hong¹,

Guo²,

Lu³

et al. 2022

Preprint

View full text Add to dashboard Cite

show abstract

“…Although the study clearly elaborates on the concepts of P2P trading in a smart grid environment, it lakes the implementation details regarding blockchain and smart contracts and shows simulation results with local machine development tools of Ethereum. Han et al [41] proposed a private Ethereum based smart contract architecture with the conventional double auction. A smart contract consisting of four core algorithms has been developed; the purpose of each algorithm is to save gas consumption and ensure security.…”

Section: Modern Energy Trading Approaches and Backgroundmentioning

confidence: 99%

Peer-to-Peer Energy Trading in Virtual Power Plant Based on Blockchain Smart Contracts

et al. 2020

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A novel Peer-to-peer (P2P) energy trading scheme for a Virtual Power Plant (VPP) is proposed by using Smart Contracts on Ethereum Blockchain Platform. The P2P energy trading is the recent trend the power society is keen to adopt carrying out several trial projects as it eases to generate and share the renewable energy sources in a distributed manner inside local community. Blockchain and smart contracts are the up-and-coming phenomena in the scene of the information technology used to be considered as the cutting-edge research topics in power systems. Earlier works on P2P energy trading including and excluding blockchain technology were focused mainly on the optimization algorithm, Information and Communication Technology, and Internet of Things. Therefore, the financial aspects of P2P trading in a VPP framework is focused and in that regard a P2P energy trading mechanism and bidding platform are developed. The proposed scheme is based on public blockchain network and auction is operated by smart contract addressing both cost and security concerns. The smart contract implementation and execution in a VPP framework including bidding, withdrawal, and control modules developments are the salient feature of this work. The proposed architecture is validated using realistic data with the Ethereum Virtual Machine (EVM) environment of Ropsten Test Network.

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“…The authors in [48] proposed a vehicle to vehicle energy exchange scenario to increase the generation profit. A blockchain platform that enables peerto-peer (P2P) energy trading the residential sector used to maximize the use of renewable energy resources which not only minimizes the energy cost but also it helps power system stability [49]. Another P2P energy trading strategy based on the energy trading price for prosumers discussed in [50].…”

Section: Introductionmentioning

confidence: 99%

Joint Energy Management and Energy Trading in Residential Microgrid System

et al. 2020

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The sustainability of the power systems assures consumers to have efficient and cost-effective energy consumption. Consumers' energy management is one of the solutions that in fact boosts the power system stability via efficiently scheduling the appliances. In addition to energy management, consumers fulfill their low-cost energy consumption using decentralized energy generation (such as solar, wind, plugin hybrid electric vehicles, and small diesel generator). This decentralized energy generation and its trading among the prosumers and consumers help in the distribution grid stability and continuous supply. In this paper, the joint energy management and energy trading model is presented, which provides low-cost electricity consumption to the distribution system. The proposed framework is a twofold system. In the first fold, the distribution system is divided into a number of microgrids, where each microgrid electricity demand is managed using a unified energy management approach. While the local energy produced is traded among the microgrids in the second fold, through energy trading concepts that fulfill the consumers' demand without stressing the utility company. The results indicate that the proposed model reduced the electricity cost of the microgrids with maximum share of self-generation. Moreover, the results also indicate that each microgrid either fulfills its electricity demand from self-generation or purchases it from the nearby microgrid. INDEX TERMS Smartgrid, Unified demand side management, Peak to average power ratio, Consumer comfort level.. Nomenclature β 1 , β 2 Set of appliances having various priorities, e.g., β 1 ∈ {Washing machine, dish washer} and β 2 ∈{Dryer, sterilizer}, etc. γ t Peak clipping maximum limit. λ t,n v,a Consumer preference factor A n Set of appliances of consumer's n.

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Smart contract architecture for decentralized energy trading and management based on blockchains

Cited by 171 publications

References 27 publications

Fully Decentralized Model by P2P Smart Contract To Achieve High Availability in IoT

Fully Decentralized Model by P2P Smart Contract To Achieve High Availability in IoT

Peer-to-Peer Energy Trading in Virtual Power Plant Based on Blockchain Smart Contracts

Joint Energy Management and Energy Trading in Residential Microgrid System

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