Privacy-Preserving Peer-to-Peer Energy Trading in Blockchain-Enabled Smart Grids Using Functional Encryption

Advanced smart grid technologies enable energy prosumers to trade surplus energy from their distributed renewable energy sources with other peer prosumers through peer-to-peer (P2P) energy trading. In many previous works, P2P energy trading was facilitated by blockchain technology through blockchain’s distributive nature and capacity to run smart contracts. However, the feature that all the data and transactions on a blockchain are visible to all blockchain nodes may significantly threaten the privacy of the parties participating in P2P energy trading. There are many previous works that have attempted to mitigate this problem. However, all these works focused on the anonymity of participants but did not protect the data and transactions. To address this issue, we propose a P2P energy trading system on a blockchain where all bids are encrypted and peer matching is performed on the encrypted bids by a functional encryption-based smart contract. The system guarantees that the information encoded in the encrypted bids is protected, but the peer matching transactions are performed by the nodes in a publicly verifiable manner through smart contracts. We verify the feasibility of the proposed system by implementing a prototype composed of smart meters, a distribution system operator (DSO) server, and private Ethereum blockchain.

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Emergence of blockchain-technology application in peer-to-peer electrical-energy trading: a review

Clean Energy ◽

10.1093/ce/zkaa033 ◽

2021 ◽

Vol 5 (1) ◽

pp. 104-123

Author(s):

Manish Kumar Thukral

Keyword(s):

Renewable Energy ◽

Renewable Energy Sources ◽

Research Work ◽

Energy Sector ◽

Peer To Peer ◽

Renewable Energy Resources ◽

Energy Trading ◽

Technology Application ◽

Blockchain Technology ◽

The Common

Abstract Renewable-energy resources require overwhelming adoption by the common masses for safeguarding the environment from pollution. In this context, the prosumer is an important emerging concept. A prosumer in simple terms is the one who consumes as well as produces electricity and sells it either to the grid or to a neighbour. In the present scenario, peer-to-peer (P2P) energy trading is gaining momentum as a new vista of research that is viewed as a possible way for prosumers to sell energy to neighbours. Enabling P2P energy trading is the only method of making renewable-energy sources popular among the common masses. For making P2P energy trading successful, blockchain technology is sparking considerable interest among researchers. Combined with smart contracts, a blockchain provides secure tamper-proof records of transactions that are recorded in distributed ledgers that are immutable. This paper explores, using a thorough review of recently published research work, how the existing power sector is reshaping in the direction of P2P energy trading with the application of blockchain technology. Various challenges that are being faced by researchers in the implementation of blockchain technology in the energy sector are discussed. Further, this paper presents different start-ups that have emerged in the energy-sector domain that are using blockchain technology. To give insight into the application of blockchain technology in the energy sector, a case of the application of blockchain technology in P2P trading in electrical-vehicle charging is discussed. At the end, some possible areas of research in the application of blockchain technology in the energy sector are discussed.

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P2P Energy Trading Application In Smart Grids Using Blockchain

International Journal for Research in Applied Science and Engineering Technology ◽

10.22214/ijraset.2021.38415 ◽

2021 ◽

Vol 9 (10) ◽

pp. 614-620

Author(s):

Bharath Radhakrishnan

Keyword(s):

Distribution System ◽

Smart Grids ◽

Current System ◽

Energy Trading ◽

Whole Process ◽

Blockchain Technology ◽

Real World Application ◽

Principle Solution ◽

Distribution Process ◽

Current Energy

Abstract: This paper helps one to understand the concept of smart grids, blockchain, and their interaction with one another in a real-world application of the energy sector, specifically in the smart grids. Initially, we will focus on the working of smart grids and compare them with traditional models. Formalize a list of existing gaps in the present technology and solve them with the introduction of blockchain technology as the principle solution. In the current energy distribution system, when a supplier produces electricity from a renewable energy source (RES), the distribution process is highly inefficient and mismanaged. The meter readings are first logged onto a spreadsheet and then sent to the registry provider to issue a certificate. Then multiple other intermediaries are involved in the whole process, such as one to broker a deal between producers and consumers. Then another external intermediary is tasked with verifying the certificates. This causes an increase in the operational costs, errors, and multiple third parties/mediators involved, which causes a lack of trust in the system. The current system is also highly centralized, and our proposed system; this is P2P energy trading in smart grids using blockchain aims to eliminate the above drawbacks. Keywords: blockchain, certificates, IoT, smart grid.

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Economic and environmental aspects of Smart Grid technologies implementation in Ukraine

Mechanism of an economic regulation ◽

10.21272/mer.2020.87.01 ◽

2020 ◽

pp. 28-37

Author(s):

Oleksandra V. Kubatko ◽

Diana O. Yaryomenko ◽

Mykola O. Kharchenko ◽

Ismail Y. A. Almashaqbeh

Keyword(s):

Smart Grid ◽

Environmental Sustainability ◽

Distribution System ◽

Energy Security ◽

Smart Grids ◽

Renewable Energy Sources ◽

Average Energy ◽

Time Of Day ◽

Electricity Supply ◽

Auxiliary Equipment

Interruptions in electricity supply may have a series of failures that can affect banking, telecommunications, traffic, and safety sectors. Due to the two-way interactive abilities, Smart Grid allows consumers to automatically redirect on failure, or shut down of the equipment. Smart Grid technologies are the costly ones; however, due to the mitigation of possible problems, they are economically sound. Smart grids can't operate without smart meters, which may easily transmit real-time power consumption data to energy data centers, helping the consumer to make effective decisions about how much energy to use and at what time of day. Smart Grid meters do allow the consumer to track and reduce energy consumption bills during peak hours and increase the corresponding consumption during minimum hours. At a higher level of management (e.g., on the level of separate region or country), the Smart Grid distribution system operators have the opportunity to increase the reliability of power supply primarily by detecting or preventing emergencies. Ukraine's energy system is currently outdated and cannot withstand current loads. High levels of wear of the main and auxiliary equipment of the power system and uneven load distribution in the network often lead to emergencies and power outages. The Smart Grid achievements and energy sustainability are also related to the energy trilemma, which consists of key core dimensions– Energy Security, Energy Equity, and Environmental Sustainability. To be competitive in the world energy market, the country has to organize efficiently the cooperation of public/private actors, governments, economic and social agents, environmental issues, and individual consumer behaviors. Ukraine gained 61 positions out of 128 countries in a list in 2019 on the energy trilemma index. In general, Ukraine has a higher than average energy security position and lower than average energy equity, and environmental sustainability positions. Given the fact that the number of renewable energy sources is measured in hundreds and thousands, network management is complicated and requires a Smart Grid rapid response. Keywords: economic development, Smart Grid, electricity supply, economic and environmental efficiency.

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An Optimal Pricing Mechanism for Peer-to-Peer Energy Trading Market with Consideration of Distribution System Operation Criteria

2021 18th International Conference on Electrical Engineering/Electronics, Computer, Telecommunications and Information Technology (ECTI-CON) ◽

10.1109/ecti-con51831.2021.9454698 ◽

2021 ◽

Author(s):

Pikkanate Angaphiwatchawal ◽

Yannawich Puksirikul ◽

Surachai Chaitusaney

Keyword(s):

Distribution System ◽

Peer To Peer ◽

Optimal Pricing ◽

System Operation ◽

Energy Trading ◽

Pricing Mechanism ◽

Trading Market ◽

Distribution System Operation

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Blockchain Beyond Cryptocurrency: Non-Fungible Tokens

10.36880/c13.02527 ◽

2021 ◽

Author(s):

Burcu Sakız ◽

Ayşen Hiç Gencer

Keyword(s):

Business Models ◽

Disruptive Innovation ◽

Peer To Peer ◽

Smart Contracts ◽

Blockchain Technology ◽

Wide Range ◽

Peer Network ◽

Work Mechanism ◽

Distributed Networking ◽

Peer To Peer Network

Blockchain technology is a disruptive innovation with the potential to replace existing business models that rely on centralized systems and third parties for trust. Even if there are a lot of application areas, blockchain used primarily for cryptocurrencies. Satoshi Nakamoto implemented the first blockchain application and invented the world’s first digital currency which is named as Bitcoin in 2008. Fundementally Bitcoin relies on cryptographic “proof of work” mechanism, digital signatures, and peer to peer distributed networking layer in order to provide a distributed ledger holding transactions. In 2014, a second generation of blockchains allow to program and execute them over distributed networks such as Ethereum project. The code to program any asset stored in blockchain’s peer-to-peer network is called as "smart contract" and smart contracts gives a powerful tool to developers for decentralized applications. There are various types of tokens that anyone can built on top of Ethereum and by combining smart contracts and new tokens, this paved the way of possibility to build a wide range of decentralized projects. One of the disruptive blockchain based innovation impacting intellectual property is called non-fungible-tokens or NFTs firstly introcuced in late 2017 on Ethereum network. This research contends that blockchain and non-fungible tokens (NFTs) which are cryptographically unique, scarce, non-replicable digital assets created through smart contracts and provably digital collectible assets. Our objective is to give NFT taxonomy, review NFT platforms and discuss technical challenges as well as recent advances in tackling the challenges. Moreover, this paper also aims to point out the future directions for NFT technology.

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Using Blockchain for Smart Contracts

Advances in Business Information Systems and Analytics - Innovative and Agile Contracting for Digital Transformation and Industry 4.0 ◽

10.4018/978-1-7998-4501-0.ch011 ◽

2021 ◽

pp. 208-221

Author(s):

Sara Jeza Alotaibi

Keyword(s):

Current System ◽

Peer To Peer ◽

Digital Transformation ◽

Smart Contracts ◽

Bank Management ◽

Central Focus ◽

Blockchain Technology ◽

New Form ◽

The Impact ◽

Modern Technologies

Today's era of globalization and digital transformation has produced many modern technologies that have influenced modern societies, blockchain being one. This chapter will set out definitions and criteria related to what blockchain is, its advantages and limitations, and its relation to the modern techniques used in the conclusion of smart contracts; and the impact of this technology on fighting administrative and financial corruption. Within this chapter, the central focus is on a new form of contracts founded as a result of the challenge of aligning the current system of the contract with the application of blockchain technology (i.e., to replace the idea of credit intermediation in dealing [notary, bank, management] with another thought based on a peer-to-peer system to increase contractual security and to establish the principle of self-implementation of the contract without the need to mediate with others).

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