Design of a Secure Energy Trading Model Based on a Blockchain

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.

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Application of blockchain in integrated energy system transactions

E3S Web of Conferences ◽

10.1051/e3sconf/202016501014 ◽

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.

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Implementation of blockchain-based energy trading system

Asia Pacific Journal of Innovation and Entrepreneurship ◽

10.1108/apjie-12-2017-037 ◽

2017 ◽

Vol 11 (3) ◽

pp. 322-334 ◽

Cited By ~ 12

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.

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

Sensors ◽

10.3390/s21093088 ◽

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.

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A Smart Contract-Based P2P Energy Trading System with Dynamic Pricing on Ethereum Blockchain

Sensors ◽

10.3390/s21061985 ◽

2021 ◽

Vol 21 (6) ◽

pp. 1985

Author(s):

Jae Geun Song ◽

Eung seon Kang ◽

Hyeon Woo Shin ◽

Ju Wook Jang

Keyword(s):

Virtual Machine ◽

Dynamic Pricing ◽

Peer To Peer ◽

Trading System ◽

Energy Trading ◽

State Diagrams ◽

Autonomous Operation ◽

Smart Contract ◽

Energy Trade ◽

Automatic Balancing

We implement a peer-to-peer (P2P) energy trading system between prosumers and consumers using a smart contract on Ethereum blockchain. The smart contract resides on a blockchain shared by participants and hence guarantees exact execution of trade and keeps immutable transaction records. It removes high cost and overheads needed against hacking or tampering in traditional server-based P2P energy trade systems. The salient features of our implementation include: 1. Dynamic pricing for automatic balancing of total supply and total demand within a microgrid, 2. prevention of double sale, 3. automatic and autonomous operation, 4. experiment on a testbed (Node.js and web3.js API to access Ethereum Virtual Machine on Raspberry Pis with MATLAB interface), and 5. simulation via personas (virtual consumers and prosumers generated from benchmark). Detailed description of our implementation is provided along with state diagrams and core procedures.

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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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Security Analysis on the Decentralized Energy Trading System Using Blockchain Technology

Jurnal Online Informatika ◽

10.15575/join.v3i1.207 ◽

2018 ◽

Vol 3 (1) ◽

pp. 44 ◽

Cited By ~ 12

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.

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A Scalable Mechanism Based on Blockchain for Information Processing in Energy Trading

Discrete Dynamics in Nature and Society ◽

10.1155/2020/8838601 ◽

2020 ◽

Vol 2020 ◽

pp. 1-9

Author(s):

Xunyan Jiang ◽

Lei Wu

Keyword(s):

Information Processing ◽

Information Flow ◽

Dynamic Balance ◽

Supply And Demand ◽

Information Process ◽

Virtual Currency ◽

Energy Trading ◽

Blockchain Technology ◽

Wide Range ◽

Energy Trade

Energy Internet (EI) can provide a fair, transparent, and safe environment for the energy market through the rational use of the Internet and blockchain technology. However, the existing EI has complicated management in energy, capital, and information flow. Furthermore, blockchain technology (BT) is a new technique with a scalability problem. To overcome the problem, we proposed a scalable mechanism based on blockchain for information processing in energy trading. The proposed mechanism adopts three-way communication (TWC) between energy utilities and consumers to effectively manage the energy, capital, and information flow. In the running of TWC, three modules of BT-based Internet of Things (IoT) system, BT-based virtual currency system, and BT-based EI information platform are constructed. In addition, we proposed that these modules are managed by carrying out weak centralized management to make the EI system scalable. In the operation of this mechanism, the functions of the three modules are independent and parallel. The proposed mechanism can realize the efficient transmission of energy and information and help to solve the supervision problem of energy trading. Compared with the existing information process mechanism, it is superior in promoting the dynamic balance of resources in a wide range and meeting the fast, efficient, and safe energy trade needs between the supply and demand sides.

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Influence of Features on Accuracy of Anomaly Detection for an Energy Trading System

Sensors ◽

10.3390/s21124237 ◽

2021 ◽

Vol 21 (12) ◽

pp. 4237

Author(s):

Hoon Ko ◽

Kwangcheol Rim ◽

Isabel Praça

Keyword(s):

Anomaly Detection ◽

Real Time ◽

Feature Detection ◽

Trading System ◽

Judgment Accuracy ◽

Energy Trading ◽

Real Time Processing ◽

Detection Model ◽

Time Required ◽

The Relationship

The biggest problem with conventional anomaly signal detection using features was that it was difficult to use it in real time and it requires processing of network signals. Furthermore, analyzing network signals in real-time required vast amounts of processing for each signal, as each protocol contained various pieces of information. This paper suggests anomaly detection by analyzing the relationship among each feature to the anomaly detection model. The model analyzes the anomaly of network signals based on anomaly feature detection. The selected feature for anomaly detection does not require constant network signal updates and real-time processing of these signals. When the selected features are found in the received signal, the signal is registered as a potential anomaly signal and is then steadily monitored until it is determined as either an anomaly or normal signal. In terms of the results, it determined the anomaly with 99.7% (0.997) accuracy in f(4)(S0) and in case f(4)(REJ) received 11,233 signals with a normal or 171anomaly judgment accuracy of 98.7% (0.987).

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