Temporary immutability: A removable blockchain solution for prosumer-side energy trading

Dorri, Ali; Luo, Fengji; Karumba, Samuel; Kanhere, Salil S.; Jurdak, Raja; Zhang, Dong

doi:10.1016/j.jnca.2021.103018

Cited by 16 publications

(11 citation statements)

References 14 publications

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“…In the metaverse, IoT-enabled blockchain enables the storage of data in realtime. All stakeholders can rely on the data and take action promptly and efficiently because of immutable blockchain transactions [88]. Blockchain technology allows stakeholders to keep track of their IoT data records in shared blockchain ledgers this will help resolve issues in the metaverse.…”

Section: A Blockchain For Iot In the Metaverse 1) Introductionmentioning

confidence: 99%

Blockchain for the Metaverse: A Review

Gadekallu¹,

Huynh‐The²,

Wang³

et al. 2022

Preprint

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Since Facebook officially changed its name to Metaverse in Oct. 2021, the metaverse has become a new norm of social networks and three-dimensional (3D) virtual worlds. The metaverse aims to bring 3D immersive and personalized experiences to users by leveraging many pertinent technologies. Despite great attention and benefits, a natural question in the metaverse is how to secure its users' digital content and data. In this regard, blockchain is a promising solution owing to its distinct features of decentralization, immutability, and transparency. To better understand the role of blockchain in the metaverse, we aim to provide an extensive survey on the applications of blockchain for the metaverse. We first present a preliminary to blockchain and the metaverse and highlight the motivations behind the use of blockchain for the metaverse. Next, we extensively discuss blockchain-based methods for the metaverse from technical perspectives, such as data acquisition, data storage, data sharing, data interoperability, and data privacy preservation. For each perspective, we first discuss the technical challenges of the metaverse and then highlight how blockchain can help. Moreover, we investigate the impact of blockchain on key-enabling technologies in the metaverse, including Internet-of-Things, digital twins, multi-sensory and immersive applications, artificial intelligence, and big data. We also present some major projects to showcase the role of blockchain in metaverse applications and services. Finally, we present some promising directions to drive further research innovations and developments towards the use of blockchain in the metaverse in the future.

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Section: A Blockchain For Iot In the Metaverse 1) Introductionmentioning

confidence: 99%

Blockchain for the Metaverse: A Review

Gadekallu¹,

Huynh‐The²,

Wang³

et al. 2022

Preprint

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“…Decentralization is a core characteristic of blockchain, which means it neither has a single authority to control nor a centralized server to manage or store data in the framework; instead, it relies on a group of nodes. Hence, all the participant nodes of a blockchain network act as a server that can store anything, such as cryptocurrencies, financial transactions, contracts, or any important digital data which can be accessed using a private key [31].…”

Section: Decentralizationmentioning

confidence: 99%

Influence of Blockchain Technology in Manufacturing Supply Chain and Logistics

Santhi¹,

Muthuswamy²

2022

Logistics

138

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Background: Blockchain is a digitally managed, distributed, and decentralized ledger used to record transactions in an immutable format. Its characteristics in providing trust, transparency, and traceability make it attractive for applications where transactions are involved. Originally intended to support financial transactions, the technology has gained attention even in non-financial sectors such as health care, manufacturing, retail, and government services. Methods: For centuries, the various functions of manufacturing industries have worked based on the relationship and trust that they have with their upstream and downstream stakeholders. In addition, as the conventional factories are growing into giant gigafactories, the participation of several intermediaries further complicates the supply chain and logistics operations. Hence, the article aims to provide a comprehensive overview of the role of blockchain technology in addressing supply chain and logistics-related challenges by analyzing, organizing, and reviewing the literature. Results: The study shows that blockchain technology can transform the supply chain and logistics into secure, agile, trusted, and transparent functions. A conceptualized application scenario demonstrates the benefits of blockchain technology in providing provenance and traceability to critical products. Conclusions: In particular, a private or permissioned blockchain is suitable for multi-organizational businesses such as supply chain and logistics. In addition, IoT-blockchain integration, smart contracts, and asset tracking has immense benefits in the future.

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“…Ref. [7] proposes a 3-layer P2P energy trading system based on blockchain and multi-agent architecture. In the first layer, the participants form coalitions to negotiate the energy trading price and amount.…”

Section: Applications Of Blockchain In P2p Energy Tradingmentioning

confidence: 99%

Dual‐blockchain‐based P2P energy trading system with an improved optimistic rollup mechanism

Teng

Luo

et al. 2022

IET Smart Grid

Self Cite

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Blockchain technology has been recognised as a promising technology for supporting Peer‐to‐Peer (P2P) energy trading—an emerging paradigm in which energy trading is performed directly between end energy customers. The state‐of‐the‐art blockchain designs for P2P energy trading can only support less compute‐intensive energy trading tasks and/or rely on the set up of a long challenge time to ensure correctness of transactions, which restricts the systems' scalability and applicability in the diverse P2P energy trading applications. This paper proposes a new dual‐blockchain system for P2P energy trading. The system consists of a primary blockchain and a secondary blockchain. The primary blockchain is mainly responsible for storing the data of P2P energy trading transactions while the compute‐intensive tasks (e.g. pricing and transaction verification) are executed in the secondary blockchain. An Improved Optimistic Rollup (IOR) mechanism is proposed to facilitate the co‐operation of the dual blockchains. Through a specific ‘executor‐validator’ mechanism and a group of specific smart contracts with different functions, the IOR mechanism can effectively accommodate the dual blockchains to execute the P2P energy trading transactions in a computational efficient manner while ensuring the correctness and security of the transactions. A prototype of the proposed system is implemented on Fisco Bcos and Alibaba Cloud and comprehensive simulations are conducted to validate the proposed system.

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Temporary immutability: A removable blockchain solution for prosumer-side energy trading

Cited by 16 publications

References 14 publications

Blockchain for the Metaverse: A Review

Blockchain for the Metaverse: A Review

Influence of Blockchain Technology in Manufacturing Supply Chain and Logistics

Dual‐blockchain‐based P2P energy trading system with an improved optimistic rollup mechanism

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