The Blockchain Consensus Algorithm for Viable Management of New and Renewable Energies

Abstract

Efficient information flow in an intelligent system is vital for effectively controlling the entire system. Currently, intelligent systems are used in many industries related to energy production, sustainable agriculture/transport, and intelligent building/cities. Information technology (IT) and information and communication technologies (ICT) play vital roles in introducing technical or technological innovation in these industries as well as establishing a collaborative network. Also, the digitization of existing systems has been quite effective at creating a sustainable global environment as it allows more efficient and well-balanced control of socio-economic factors. However, it has become clear that adopting an intelligent system to achieve innovation, sustainability, and safety may well depend on the quality of the algorithms to be used for that very system. Despite recent controversies, new and renewable energies are considered as a realistic alternative to fossil fuels, which have been integral to modern industries but are regarded as a cause of environmental or economic problems, not to mention their limited deposits. Therefore, since renewable energies will gradually replace existing energy sources but require more time to be fully available, it is essential to find a method of managing them in a fair and transparent way. The United States, Japan, and some European countries are attempting to achieve such a goal by utilizing a blockchain system, but the issues pertaining to its functionality, security, or efficiency have yet to be addressed. This study introduces a viable consensus algorithm (Hyper Delegation Proof of Randomness, or HDPoR algorithm) for blockchain and attempts to validate its parallel computing capability through simulations. This study also attempts to design an efficient but secure peer-to-peer (P2P) transaction service model for these energies for the future where blockchain-based systems will hold a key position in the digitalized world. As its main contribution, this study introduces an effective method of applying blockchain to a new and renewable energy transaction system by presenting a consensus algorithm that can improve its infrastructure and performance.

Permissioned Blockchain-Based Double-Layer Framework for Product Traceability System

“…Performance metrics for major measures include TPS, transaction latency, and resource utilization. The Hyperledger Caliper component primarily includes (1) an adaptation layer used to integrate multiple blockchain solutions into the Caliper framework (Figure 9), (2)an adapter, which is responsible for converting the Caliper NBI into the corresponding blockchain protocol, and 3Caliper NBIs, which are a group of connectors that provide data intersections between test cases and the target blockchain network in the test framework.…”

“…Currently, blockchains are attracting increasing attention in various fields. Blockchain technology is used in various fields, such as renewable energy management [1], logistics management [2], IoT [3]- [6], and finance [7]. Product information traceability has also become an important application scenario for blockchain technology.…”

Robust Proof of Stake: A New Consensus Protocol for Sustainable Blockchain Systems

“…PoW protocol exists more or less in digital currencies such as Dogecoin [13] and Litecoin [14]. However, to keep energy use sustainable, some scientists also did a lot research work for this goal [15], by introducing a method of applying blockchain to a new and renewable energy transaction system by presenting a consensus protocol that can improve its infrastructure and performance. Fadeyi pointed out that sustainability is a crucial goal in the design of smart cities nowadays; the truth is, currently there are no assurances of sustainable cities where cryptocurrency mining is at full scale [16].…”

“…In the energy industry, by using the new blockchain technology that stimulates innovation and growth in the energy and a high level of automation though smart contracts, the industry avoids energy waste and misappropriation "attacks" happen in the system [18]. Some countries attempt to achieve the goal of creating a new and renewable energy transaction system by presenting a consensus protocol that can improve its infrastructure and performance in security through utilizing a blockchain system [15]. As for the scalability of PoW system, Back et al [19] proposed to transfer transactions on Bitcoin to other cryptocurrency blockchain systems, thereby increasing the throughput of transaction processing and improving the transaction per second of the system.…”

A Blockchain-Based Configuration for Balancing the Electricity Grid with Distributed Assets

“…Information is stored in sets of data called blocks and verified using cryptographic hashes [19]. The extension of a blockchain with smart contract technology expands the utility even further and enables smart optimization in the energy sector [20,21]. This pilot serves as a motivation to explore the potential role of the blockchain as an enabler for aFRR provision by a fleet of EVs in a more comprehensive manner, which is the purpose of this paper.…”