scholarly journals Security Analysis on the Decentralized Energy Trading System Using Blockchain Technology

2018 ◽  
Vol 3 (1) ◽  
pp. 44 ◽  
Author(s):  
Sandi Rahmadika ◽  
Diena Rauda Ramdania ◽  
Maisevli Harika
Keyword(s):  
Low Cost ◽  
Security Analysis ◽  
Energy System ◽  
Third Party ◽  
Multiple Sources ◽  
Trading System ◽  
Current Form ◽  
Energy Trading ◽  
Blockchain Technology ◽  
Decentralized Energy

Blockchain turns both currencies and commodities into a digital form without relying on middleman which allows one person to trade with another include trading the renewable energy. Blockchain technology as a secure and low-cost platform to track the billions of eventual transactions in a distributed energy economy has attracted the attention of experts in various fields of science. The current form of centralized energy trading system is still suffering from security concerns, quality of service, and to name a few. A decentralized energy system using blockchain technology allows the parties to create a trading energy transaction via microgrid. The blockchain technology offers the promise of an immutable, single source of truth from multiple sources without a third-party involvement. In this paper, we describe, explore and analyze the prominent implementation of blockchain technology in the energy sector. Furthermore, we analyze the security issues and highlight the performance of several attacks that might be occurred in the proposed system.

scholarly journals Bi-Directional Mutual Energy Trade between Smart Grid and Energy Districts Using Renewable Energy Credits

Sensors ◽  
2021 ◽  
Vol 21 (9) ◽  
pp. 3088
Author(s):  
Sana Rehman ◽  
Bilal Khan ◽  
Jawad Arif ◽  
Zahid Ullah ◽  
Abdullah J. Aljuhani ◽  
...  
Keyword(s):  
Smart Grid ◽  
Graphical Analysis ◽  
Third Party ◽  
Security And Privacy ◽  
Central Authority ◽  
Energy Trading ◽  
Blockchain Technology ◽  
Energy Trade ◽  
Decentralized Energy ◽  
And Control

A central authority, in a conventional centralized energy trading market, superintends energy and financial transactions. The central authority manages and controls transparent energy trading between producer and consumer, imposes a penalty in case of contract violation, and disburses numerous rewards. However, the management and control through the third party pose a significant threat to the security and privacy of consumers’/producers’ (participants) profiles. The energy transactions between participants involving central authority utilize users’ time, money, and impose a computational burden over the central controlling authority. The Blockchain-based decentralized energy transaction concept, bypassing the central authority, is proposed in Smart Grid (SG) by researchers. Blockchain technology braces the concept of Peer-to-Peer (P2P) energy transactions. This work encompasses the SolarCoin-based digital currency blockchain model for SG incorporating RE. Energy transactions from Prosumer (P) to Prosumer, Energy District to Energy District, and Energy District to SG are thoroughly investigated and analyzed in this work. A robust demand-side optimized model is proposed using Genetic Algorithm (GA) and Particle Swarm Optimization (PSO) to maximize Prosumer Energy Surplus (PES), Grid revenue (GR), percentage energy transactions accomplished, and decreased Prosumer Energy Cost (PEC). Real-time averaged energy data of Australia are employed, and a piece-wise energy price mechanism is implemented in this work. The graphical analysis and tabular statistics manifest the efficacy of the proposed model.

scholarly journals Demonstration of Blockchain Based Peer to Peer Energy Trading System with Real-Life Used PHEV and HEMS Charge Control

Energies ◽  
2021 ◽  
Vol 14 (22) ◽  
pp. 7484
Author(s):  
Yuki Matsuda ◽  
Yuto Yamazaki ◽  
Hiromu Oki ◽  
Yasuhiro Takeda ◽  
Daishi Sagawa ◽  
...  
Keyword(s):  
Supply And Demand ◽  
Real Life ◽  
Energy System ◽  
Energy Markets ◽  
Peer To Peer ◽  
Renewable Energy Resources ◽  
Trading System ◽  
Energy Trading ◽  
Demonstration Experiment ◽  
Home Energy Management

To further implement decentralized renewable energy resources, blockchain based peer-to-peer (P2P) energy trading is gaining attention and its architecture has been proposed with virtual demonstrations. In this paper, to further socially implement this concept, a blockchain based peer to peer energy trading system which could coordinate with energy control hardware was constructed, and a demonstration experiment was conducted. Previous work focused on virtually matching energy supply and demand via blockchain P2P energy markets, and our work pushes this forward by demonstrating the possibility of actual energy flow control. In this demonstration, Plug-in Hybrid Electrical Vehicles(PHEVs) and Home Energy Management Systems(HEMS) actually used in daily life were controlled in coordination with the blockchain system. In construction, the need of a multi-tagged continuous market was found and proposed. In the demonstration experiment, the proposed blockchain market and hardware control interface was proven capable of securing and stably transmitting energy within the P2P energy system. Also, by the implementation of multi-tagged energy markets, the number of transactions required to secure the required amount of electricity was reduced.

scholarly journals Blockchain in Energy Efficiency: Potential Applications and Benefits

Energies ◽  
2019 ◽  
Vol 12 (17) ◽  
pp. 3317 ◽  
Author(s):  
Asma Khatoon ◽  
Piyush Verma ◽  
Jo Southernwood ◽  
Beth Massey ◽  
Peter Corcoran
Keyword(s):  
Energy Efficiency ◽  
Information And Communication Technologies ◽  
Asset Management ◽  
Large Scale ◽  
Energy System ◽  
Energy Trading ◽  
Trading Systems ◽  
Energy Company ◽  
Blockchain Technology ◽  
Smart Contract

Blockchain technology is ready to disrupt nearly every industry and business model, and the energy sector is no exception. Energy businesses across the world have already started exploring the use of blockchain technology in large-scale energy trading systems, peer-to-peer energy trading, project financing, supply chain tracking, and asset management among other applications. Information and Communication Technologies (ICTs) recently started revolutionizing the energy landscape, and now blockchain technology is providing an additional opportunity to make the energy system more intelligent, efficient, transparent, and secure in the longer term. The idea of this paper is to examine more closely the use of blockchain technology for its possible application in the energy efficiency industry and to determine how it could make energy efficiency markets more secure and transparent in the longer term. This paper examines in detail the key benefits and implications of using blockchain in the energy efficiency sector through the presentation and discussion of two case studies as possible blockchain applications—(i) the UK Energy Company Obligation scheme and (ii) the Italian White Certificate Scheme. We have presented how the key issues around trading energy efficiency savings—correctly estimating the savings, data transparency among stakeholders, and inefficient administrative processes—can be solved through the application of a blockchain-based smart contract system. Finally, this paper presents an implementation of a smart contract for trading of energy-saving certificates achieved via execution of smart contract transactions on the Ethereum blockchain.

scholarly journals Application of blockchain in integrated energy system transactions

2020 ◽  
Vol 165 ◽  
pp. 01014
Author(s):  
Jianhua Liu ◽  
Shengbo Sun ◽  
Zheng Chang ◽  
Bo Zhou ◽  
Yongli Wang ◽  
...  
Keyword(s):  
Energy Systems ◽  
Energy System ◽  
Peer To Peer ◽  
Energy Trading ◽  
Integrated Energy Systems ◽  
Blockchain Technology ◽  
Centralized Management ◽  
Trading Model ◽  
Integrated Energy System ◽  
Management Method

Blockchain technology is the underlying technology of Bitcoin, which is fair, transparent and decentralized. The integrated energy system has the characteristics of open interconnection, user-centered and distributed peer-to-peer sharing, and its energy trading model will also be developed centrally to distributed. The characteristics of blockchain technology make it naturally applicable to energy transactions in integrated energy systems. This article first analyzes the characteristics of the integrated energy system market and summarizes the participants in the market. Then, based on the existing research and analysis, a blockchain-based energy transaction architecture is designed, and a weakly centralized management method is introduced. finally, the problems and challenges faced by the application of blockchain in energy transactions are analyzed.

scholarly journals Blockchain: Future of Accounting Education

2020 ◽  
Vol 12 (2) ◽  
pp. 14
Author(s):  
Munshi Samaduzzaman
Keyword(s):  
Transaction Cost ◽  
Low Cost ◽  
Accounting Education ◽  
Third Party ◽  
Accounting System ◽  
Accounting Standard ◽  
Peer Communication ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Smart Contract

Blockchain will be the future of accounting education. Triple entry accounting system is here, and shared ledger has been considered. From the shared ledger different parties can access transactions. As our discussion reveals that distributed ledger, Smart contract and Blockchain are three important elements in the triple entry accounting system. As a result, blockchain technology is helping the upgrading the process of education system. Blockchain technology is a peer to peer communication that allows participants to secure the settlement of transactions, achieve the transactions and transfer of assets at low cost. With certain advantages there are disadvantages too. Based on performance and acceptance, it is clear that in future the implication of blockchain technology would be developed. The concept of triple accounting has introduced the new way of accounting work replacing accounting standard formula. The blockchain technology eliminates the involvement of third party, maintain transparency and charges low transaction cost. It will save money and time of people as it is secure and due to decentralization, it is not controlled by one single entity. Due to the decentralization, every user of the network can see the file. So, blockchain should the part the Accounting Education in future.

scholarly journals Design of a Secure Energy Trading Model Based on a Blockchain

2021 ◽  
Vol 13 (4) ◽  
pp. 1634
Author(s):  
Hoon Ko ◽  
Isabel Praça
Keyword(s):  
Focal Point ◽  
User Authentication ◽  
Trading System ◽  
Energy Trading ◽  
Blockchain Technology ◽  
Data Control ◽  
Energy Trade ◽  
Trading Model ◽  
Current Energy ◽  
User Security

This study proposes a Secure Energy Trading Model design based on a Blockchain is an attempt to overcome the weak security and instability of the current energy trading system. The focal point of the design lies in the user-security features of the model, such as user authentication and identification, and the blockchain that every transaction goes through. The user-security feature provides a safer system for peer-to-peer energy trade, and the blockchain technology ensures the reliability of the trading system. Furthermore, the Secure Energy Trading Model supports a decentralized data control mechanism as a future measure for handling vast amounts of data created by IoT.

scholarly journals Implementation of blockchain-based energy trading system

2017 ◽  
Vol 11 (3) ◽  
pp. 322-334 ◽  
Author(s):  
Se-Chang Oh ◽  
Min-Soo Kim ◽  
Yoon Park ◽  
Gyu-Tak Roh ◽  
Chin-Woo Lee
Keyword(s):  
Design Methodology ◽  
Experimental Results ◽  
Trading System ◽  
Energy Trading ◽  
Content Type ◽  
Trading Systems ◽  
Blockchain Technology ◽  
Power Trading ◽  
Node Connectivity ◽  
Exchange Transactions

Purpose The centralized processes of today’s power trading systems are complex and pose a risk of price tampering and hacking. The decentralized and unmodifiable nature of the blockchain technology that has recently been highlighted offers the potential to improve this power trading process. The purpose of this study is to implement a system to apply the blockchain technology to the problem of power trading. Design/methodology/approach The authors modeled the power trading problem as the interaction between admin, producer and consumer nodes. And a power trading scenario has been created for this model using a blockchain platform called Multichain which is both fast and highly scalable. To verify this scenario, they implemented a trading system using Savoir, a Python-based JsonRPC module. Findings Experimental results show that all processes, such as blockchain creation, node connectivity, asset issuance and exchange transactions have been correctly handled according to the scenario. Originality/value In this study, the authors have proposed and implemented a power trading method that determines price according to the pure market principle and cannot be manipulated or hacked. It is based on the nature of blockchain technology that is decentralized and cannot be tampered.

scholarly journals Exploring governance in a decentralized energy trading eco-system

2020 ◽  
Author(s):  
Fadime Kaya ◽  
Jaap Gordijn ◽  
Roel Wieringa ◽  
Marc Makkes
Keyword(s):  
Literature Review ◽  
Conceptual Models ◽  
Electricity Supply ◽  
Energy Trading ◽  
Blockchain Technology ◽  
Governance Model ◽  
Decentralized Governance ◽  
Decentralized Energy ◽  
Decision Power ◽  
Do So

Increasingly, large tech firms dominate eco-systems. From a societal perspective this is not always beneficial since these companies behave as value extractors; they charge an unreasonable high fee for their services and they can do so because they are monopolists. A possible solution to this substantial power concentration can be decentralized ecosystems, e.g., enabled by blockchain technology, in which decision power is distributed fairly. However, this comes also with the requirement that such eco-systems need a decentralized governance model. This paper explores if such a governance model can be represented by conceptual models, in particular, e3value. We answer this question by designing a decentralized eco-system in the field of electricity supply, which enables peer to peer energy trading, and checking if important governance decisions, motivated by a systematic literature review, can be represented.

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