research-article

Blockchain-Based Power Energy Trading Management

Authors:

Di WuAuthors Info & Claims

ACM Transactions on Internet Technology (TOIT), Volume 21, Issue 2

Article No.: 43, Pages 1 - 16

https://doi.org/10.1145/3409771

Published: 08 March 2021 Publication History

Abstract

Distributed peer-to-peer power energy markets are emerging quickly. Due to central governance and lack of effective information aggregation mechanisms, energy trading cannot be efficiently scheduled and tracked. We devise a new distributed energy transaction system over the energy Industrial Internet of Things based on predictive analytics, blockchain, and smart contract technologies. We propose a solution for scheduling distributed energy sources based on the Minimum Cut Maximum Flow theory. Blockchain is used to record transactions and reach consensus. Payment clearing for the actual power consumption is executed via smart contracts. Experimental results on real data show that our solution is practical and achieves a lower total cost for power energy consumption.

References

[1]

Saveen A. Abeyratne and Radmehr P. Monfared. 2016. Blockchain ready manufacturing supply chain using distributed ledger. International Journal of Research in Engineering and Technology 5, 9 (2016), 1–10.

[2]

Nurzhan Zhumabekuly Aitzhan and Davor Svetinovic. 2018. Security and privacy in decentralized energy trading through multi-signatures, blockchain and anonymous messaging streams. IEEE Transactions on Dependable and Secure Computing 15, 5 (2018), 840–852.

[3]

Elli Androulaki, Artem Barger, Vita Bortnikov, Christian Cachin, Konstantinos Christidis, Angelo De Caro, David Enyeart, et al. 2018. Hyperledger fabric: A distributed operating system for permissioned blockchains. In Proceedings of the 13th EuroSys Conference. ACM, New York, NY, 30.

Digital Library

[4]

Yihenew Dagne Beyene, Riku Jantti, Kalle Ruttik, and Sassan Iraji. 2017. On the performance of narrow-band Internet of Things (NB-IoT). In Proceedings of the 2017 IEEE Wireless Communications and Networking Conference (WCNC’17). IEEE, Los Alamitos, CA, 1–6.

[5]

Jürgen Bott. 2017. Central bank money and blockchain: A payments perspective. Journal of Payments Strategy & Systems 11, 2 (2017), 145–157.

[6]

Yuri Boykov and Vladimir Kolmogorov. 2004. An experimental comparison of min-cut/max-flow algorithms for energy minimization in vision. IEEE Transactions on Pattern Analysis and Machine Intelligence 26, 9 (2004), 1124–1137.

Digital Library

[7]

Konstantinos Christidis and Michael Devetsikiotis. 2016. Blockchains and smart contracts for the Internet of Things. IEEE Access 4 (2016), 2292–2303.

[8]

Cody A. Hill, Matthew Clayton Such, Dongmei Chen, Juan Gonzalez, and W. Mack Grady. 2012. Battery energy storage for enabling integration of distributed solar power generation. IEEE Transactions on Smart Grid 3, 2 (2012), 850–857.

[9]

Sepp Hochreiter and Jürgen Schmidhuber. 1997. Long short-term memory. Neural Computation 9, 8 (1997), 1735–1780.

Digital Library

[10]

Weicong Kong, Zhao Yang Dong, Youwei Jia, David J. Hill, Yan Xu, and Yuan Zhang. 2017. Short-term residential load forecasting based on LSTM recurrent neural network. IEEE Transactions on Smart Grid 10, 1 (2017), 841–851.

[11]

Srikanth Kotra and Mahesh Kumar Mishra. 2017. A supervisory power management system for a hybrid microgrid with HESS. IEEE Transactions on Industrial Electronics 64, 5 (2017), 3640–3649.

[12]

Jianan Li, Zhenyu Zhou, Jun Wu, Jianhua Li, Shahid Mumtaz, Xi Lin, Haris Gacanin, and Sattam Alotaibi. 2019. Decentralized on-demand energy supply for blockchain in Internet of Things: A microgrids approach. IEEE Transactions on Computational Social Systems 6, 6 (2019), 1395–1406.

[13]

Mushu Li, Jie Gao, Nan Chen, Lian Zhao, and Xuemin Shen. 2020. Decentralized PEV power allocation with power distribution and transportation constraints. IEEE Journal on Selected Areas in Communications 38, 1 (2020), 229–243.

Digital Library

[14]

Zhetao Li, Jiawen Kang, Rong Yu, Dongdong Ye, Qingyong Deng, and Yan Zhang. 2018. Consortium blockchain for secure energy trading in Industrial Internet of Things. IEEE Transactions on Industrial Informatics 14, 8 (2018), 3690–3700.

[15]

Yang Liu and Shiyan Hu. 2017. Renewable energy pricing driven scheduling in distributed smart community systems. IEEE Transactions on Parallel and Distributed Systems 28, 5 (2017), 1445–1456.

Digital Library

[16]

Ion Lungu, Adela Bara, George Carutasu, Alexandru Pirjan, and Simona-Vasilica Oprea. 2016. Prediction intelligent system in the field of renewable energies through neural networks. Economic Computation and Economic Cybernetics Studies and Research 50 (2016), 85–102.

[17]

Matthias Mettler. 2016. Blockchain technology in healthcare: The revolution starts here. In Proceedings of the 2016 IEEE 18th International Conference on e-Health Networking, Applications, and Services (Healthcom’16). IEEE, Los Alamitos, CA, 1–3.

[18]

Arzoo Miglani, Neeraj Kumar, Vinay Chamola, and Sherali Zeadally. 2020. Blockchain for Internet of Energy management: Review, solutions, and challenges. Computer Communications 151 (2020), 395–418.

[19]

Seyyed Mostafa Nosratabadi, Rahmat-Allah Hooshmand, and Eskandar Gholipour. 2017. A comprehensive review on microgrid and virtual power plant concepts employed for distributed energy resources scheduling in power systems. Renewable and Sustainable Energy Reviews 67 (2017), 341–363.

[20]

Oscar Novo. 2018. Blockchain meets IoT: An architecture for scalable access management in IoT. IEEE Internet of Things Journal 5, 2 (2018), 1184–1195.

[21]

State Grid Corporation of China. 2014. Notice of State Grid Corporation of China on Issuing Distributed Power Grid-Connected Services Management Rules. Technical Report. State Grid Corporation of China. http://www.sn.sgcc.com.cn/html/files/2017-08/01/20170801111629695182661.pdf.

[22]

Ehsan Reihani, Mahdi Motalleb, Reza Ghorbani, and Lyes Saad Saoud. 2016. Load peak shaving and power smoothing of a distribution grid with high renewable energy penetration. Renewable Energy 86 (2016), 1372–1379.

[23]

Elham Shirazi and Shahram Jadid. 2017. Cost reduction and peak shaving through domestic load shifting and DERs. Energy 124 (2017), 146–159.

[24]

João Spínola, Pedro Faria, and Zita Vale. 2017. Model for the integration of distributed energy resources in energy markets by an aggregator. In Proceedings of the 2017 IEEE Manchester PowerTech Conference. IEEE, Los Alamitos, CA, 1–6.

[25]

Jianjun Sun, Jiaqi Yan, and Kem Z. K. Zhang. 2016. Blockchain-based sharing services: What blockchain technology can contribute to smart cities. Financial Innovation 2, 1 (2016), 26.

[26]

Nick Szabo. 1997. Formalizing and securing relationships on public networks. First Monday 2, 9 (1997). https://doi.org/10.5210/fm.v219.548.

[27]

Moslem Uddin, Mohd Fakhizan Romlie, Mohd Faris Abdullah, Syahirah Abd Halim, Ab Halim Abu Bakar, and Tan Chia Kwang. 2018. A review on peak load shaving strategies. Renewable and Sustainable Energy Reviews 82 (2018), 3323–3332.

[28]

Guishi Wang, Mihai Ciobotaru, and Vassilios G. Agelidis. 2014. Power smoothing of large solar PV plant using hybrid energy storage. IEEE Transactions on Sustainable Energy 5, 3 (2014), 834–842.

[29]

Hao Wang, Chaonian Guo, and Shuhan Cheng. 2019. LoC—A new financial loan management system based on smart contracts. Future Generation Computer Systems 100 (2019), 648–655.

Digital Library

[30]

Li Wang, Quang-Son Vo, and Anton V. Prokhorov. 2017. Dynamic stability analysis of a hybrid wave and photovoltaic power generation system integrated into a distribution power grid. IEEE Transactions on Sustainable Energy 8, 1 (2017), 404–413.

[31]

Yulei Wu, Haojun Huang, Cheng-Xiang Wang, and Yi Pan. 2019. 5G-Enabled Internet of Things. CRC Press, Boca Raton, FL.

[32]

Liu Yang, Yinzhi Lu, Lian Xiong, Yang Tao, and Yuanchang Zhong. 2017. A game theoretic approach for balancing energy consumption in clustered wireless sensor networks. Sensors 17, 11 (2017), 2654.

[33]

Bo Yin, Yulei Wu, Tianshi Hu, Jiaqing Dong, and Zexun Jiang. 2020. An efficient collaboration and incentive mechanism for Internet of Vehicles (IoV) with secured information exchange based on blockchains. IEEE Internet of Things Journal 7, 3 (2020), 1582–1593.

[34]

Jiguo Yu, Li Feng, Lili Jia, Xin Gu, and Dongxiao Yu. 2014. A local energy consumption prediction-based clustering protocol for wireless sensor networks. Sensors 14, 12 (2014), 23017–23040.

Cited By

Barbhaya UVishwakarma LDas D(2024)ETradeChain: Blockchain-Based Energy Trading in Local Energy Market (LEM) Using Modified Double Auction ProtocolIEEE Transactions on Green Communications and Networking10.1109/TGCN.2023.33073608:1(559-571)Online publication date: Mar-2024
https://doi.org/10.1109/TGCN.2023.3307360
Zhang PHua XZhu H(2024)Cross-Chain Digital Asset System for Secure Trading and PaymentIEEE Transactions on Computational Social Systems10.1109/TCSS.2023.324106511:2(1654-1666)Online publication date: Apr-2024
https://doi.org/10.1109/TCSS.2023.3241065
Perazzo PXefraj R(2024)SmartFly: Fork-Free Super-Light Ethereum Classic Clients for Internet of ThingsIEEE Internet of Things Journal10.1109/JIOT.2024.335033311:9(15348-15358)Online publication date: 1-May-2024
https://doi.org/10.1109/JIOT.2024.3350333
Show More Cited By

Index Terms

Blockchain-Based Power Energy Trading Management

Recommendations

Renewable Energy Trading Platform using Blockchain
Abstract
As the demand for renewable energy grows, there is a need for efficient and transparent mechanisms to facilitate renewable energy trading. This research presents a novel Renewable Energy Trading Platform (RETP) that leverages blockchain technology ...
Blockchain-based Price Priority Matching Two-stage Energy Trading Algorithm
EPCE '22: Proceedings of the Asia Conference on Electrical, Power and Computer Engineering

With the rapid development of energy Internet, the implementation of smart meters and distributed energy resources (DER) provide new opportunities for consumers. Distributed energy needs a new settlement mechanism. Blockchain technology can provide a ...
Research on blockchain-based microgrid power trading method
AIPR '23: Proceedings of the 2023 6th International Conference on Artificial Intelligence and Pattern Recognition

The current microgrid electricity market suffers from inefficient, risky, and time-consuming transaction processes. However, with the introduction of blockchain technology with decentralized and open and transparent features, automated electricity ...

Comments

Please enable JavaScript to view thecomments powered by Disqus.

Information & Contributors

Information

Published In

cover image ACM Transactions on Internet Technology

ACM Transactions on Internet Technology Volume 21, Issue 2

June 2021

599 pages

ISSN:1533-5399

EISSN:1557-6051

DOI:10.1145/3453144

Editor:
Ling Liu
Georgia Institute of Technology, USA

Issue’s Table of Contents

Copyright © 2021 Association for Computing Machinery.

Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than ACM must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [email protected].

Publisher

Association for Computing Machinery

New York, NY, United States

Publication History

Published: 08 March 2021

Accepted: 01 July 2020

Revised: 01 April 2020

Received: 01 July 2019

Published in TOIT Volume 21, Issue 2

Permissions

Request permissions for this article.

Request Permissions

Check for updates

Author Tags

Qualifiers

Research-article
Refereed

Funding Sources

National Natural Science Foundation of China
Science and Technology Planning Project of Guangdong Province
Fujian Fumin Foundation

Contributors

Other Metrics

View Article Metrics

Bibliometrics & Citations

Bibliometrics

Article Metrics

12
Total Citations
View Citations
357
Total Downloads

Downloads (Last 12 months)45
Downloads (Last 6 weeks)6

Reflects downloads up to 20 Nov 2024

Other Metrics

View Author Metrics

Citations

Cited By

Barbhaya UVishwakarma LDas D(2024)ETradeChain: Blockchain-Based Energy Trading in Local Energy Market (LEM) Using Modified Double Auction ProtocolIEEE Transactions on Green Communications and Networking10.1109/TGCN.2023.33073608:1(559-571)Online publication date: Mar-2024
https://doi.org/10.1109/TGCN.2023.3307360
Zhang PHua XZhu H(2024)Cross-Chain Digital Asset System for Secure Trading and PaymentIEEE Transactions on Computational Social Systems10.1109/TCSS.2023.324106511:2(1654-1666)Online publication date: Apr-2024
https://doi.org/10.1109/TCSS.2023.3241065
Perazzo PXefraj R(2024)SmartFly: Fork-Free Super-Light Ethereum Classic Clients for Internet of ThingsIEEE Internet of Things Journal10.1109/JIOT.2024.335033311:9(15348-15358)Online publication date: 1-May-2024
https://doi.org/10.1109/JIOT.2024.3350333
Daram SGolla NAngadi RBandam RK VSesiprabha K(2023)Application of Blockchain Technology for Power System Security using Condition Number2023 Second International Conference on Trends in Electrical, Electronics, and Computer Engineering (TEECCON)10.1109/TEECCON59234.2023.10335805(46-50)Online publication date: 23-Aug-2023
https://doi.org/10.1109/TEECCON59234.2023.10335805
Parekh NMangrulkar R(2023)Enabling blockchain architecture for health information exchangesUnleashing the Potentials of Blockchain Technology for Healthcare Industries10.1016/B978-0-323-99481-1.00011-0(77-93)Online publication date: 2023
https://doi.org/10.1016/B978-0-323-99481-1.00011-0
Wang XYao FWen F(2022)Applications of Blockchain Technology in Modern Power Systems: A Brief SurveyEnergies10.3390/en1513451615:13(4516)Online publication date: 21-Jun-2022
https://doi.org/10.3390/en15134516
Wang JChen JXiong NAlfarraj OTolba ARen Y(2022)S-BDS: An Effective Blockchain-based Data Storage Scheme in Zero-Trust IoTACM Transactions on Internet Technology10.1145/351190223:3(1-23)Online publication date: 12-Feb-2022
https://dl.acm.org/doi/10.1145/3511902
Wu YDai HTang H(2022)Graph Neural Networks for Anomaly Detection in Industrial Internet of ThingsIEEE Internet of Things Journal10.1109/JIOT.2021.30942959:12(9214-9231)Online publication date: 15-Jun-2022
https://doi.org/10.1109/JIOT.2021.3094295
Xie MLiu JChen SXu GLin M(2022)Primary node election based on probabilistic linguistic term set with confidence interval in the PBFT consensus mechanism for blockchainComplex & Intelligent Systems10.1007/s40747-022-00857-99:2(1507-1524)Online publication date: 20-Sep-2022
https://doi.org/10.1007/s40747-022-00857-9
Li SHuang JCheng B(2021)Resource Pricing and Demand Allocation for Revenue Maximization in IaaS Clouds: A Market-Oriented ApproachIEEE Transactions on Network and Service Management10.1109/TNSM.2021.308551918:3(3460-3475)Online publication date: Sep-2021
https://doi.org/10.1109/TNSM.2021.3085519
Show More Cited By

View Options

Login options

Check if you have access through your login credentials or your institution to get full access on this article.

Full Access

Get this Article

View options

PDF

View or Download as a PDF file.

eReader

View online with eReader.

HTML Format

View this article in HTML Format.

Media

Figures

Other

Tables

View Issue’s Table of Contents