A Framework for Decentralized Energy Trading Based on Blockchain Technology
The blockchain is a distributed database whose data are stored and managed in every node in the network. By design, the information of trade records is difficult to tamper. Therefore, it can deal with the trust problem without a central operator. Blockchain technology has brought about major reform...
| Main Authors: | , , , , , , , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2022-08-01
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| Series: | Applied Sciences |
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| Online Access: | https://www.mdpi.com/2076-3417/12/17/8410 |
| _version_ | 1797496562784403456 |
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| author | Di Huang Shixi Ma Dengji Zhou Chenyu Zhang Huachun Han Qiang Li Taotao Li Chen Wang |
| author_facet | Di Huang Shixi Ma Dengji Zhou Chenyu Zhang Huachun Han Qiang Li Taotao Li Chen Wang |
| author_sort | Di Huang |
| collection | DOAJ |
| description | The blockchain is a distributed database whose data are stored and managed in every node in the network. By design, the information of trade records is difficult to tamper. Therefore, it can deal with the trust problem without a central operator. Blockchain technology has brought about major reform in the financial field and has been paid more and more attention in many fields. The combination of blockchain technology and energy trade seems to have good prospects due to their common features of distribution, diversity and marketization. In this paper, a new decentralized energy trading framework based on blockchain technology is presented and analyzed. In this framework, four basic participators in the market are set, which are the consumer, supplier, speculator (with energy storage capacity) and regulator. In addition, the order format and price clearing mechanisms are designed accordingly. The new framework can accommodate a large number of entities and enable them to achieve better economic benefits. Small examples are used to analyze the framework. It is concluded that this technology has significant under-researched potential to support and enhance the efficiency gains of the energy revolution, and areas for future research are identified. |
| first_indexed | 2024-03-10T03:05:27Z |
| format | Article |
| id | doaj.art-37bb3274280a44d5921943889b85b484 |
| institution | Directory Open Access Journal |
| issn | 2076-3417 |
| language | English |
| last_indexed | 2024-03-10T03:05:27Z |
| publishDate | 2022-08-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Applied Sciences |
| spelling | doaj.art-37bb3274280a44d5921943889b85b4842023-11-23T12:39:05ZengMDPI AGApplied Sciences2076-34172022-08-011217841010.3390/app12178410A Framework for Decentralized Energy Trading Based on Blockchain TechnologyDi Huang0Shixi Ma1Dengji Zhou2Chenyu Zhang3Huachun Han4Qiang Li5Taotao Li6Chen Wang7State Grid Jiangsu Electric Power Company Ltd., Nanjing 211103, ChinaThe Key Laboratory of Power Machinery and Engineering of Education Ministry, Shanghai Jiao Tong University, Shanghai 200240, ChinaThe Key Laboratory of Power Machinery and Engineering of Education Ministry, Shanghai Jiao Tong University, Shanghai 200240, ChinaState Grid Jiangsu Electric Power Company Ltd., Nanjing 211103, ChinaState Grid Jiangsu Electric Power Company Ltd., Nanjing 211103, ChinaState Grid Jiangsu Electric Power Company Ltd., Nanjing 211103, ChinaThe Key Laboratory of Power Machinery and Engineering of Education Ministry, Shanghai Jiao Tong University, Shanghai 200240, ChinaThe Key Laboratory of Power Machinery and Engineering of Education Ministry, Shanghai Jiao Tong University, Shanghai 200240, ChinaThe blockchain is a distributed database whose data are stored and managed in every node in the network. By design, the information of trade records is difficult to tamper. Therefore, it can deal with the trust problem without a central operator. Blockchain technology has brought about major reform in the financial field and has been paid more and more attention in many fields. The combination of blockchain technology and energy trade seems to have good prospects due to their common features of distribution, diversity and marketization. In this paper, a new decentralized energy trading framework based on blockchain technology is presented and analyzed. In this framework, four basic participators in the market are set, which are the consumer, supplier, speculator (with energy storage capacity) and regulator. In addition, the order format and price clearing mechanisms are designed accordingly. The new framework can accommodate a large number of entities and enable them to achieve better economic benefits. Small examples are used to analyze the framework. It is concluded that this technology has significant under-researched potential to support and enhance the efficiency gains of the energy revolution, and areas for future research are identified.https://www.mdpi.com/2076-3417/12/17/8410blockchainenergy trading frameworkmulti-agent modelingmechanism design |
| spellingShingle | Di Huang Shixi Ma Dengji Zhou Chenyu Zhang Huachun Han Qiang Li Taotao Li Chen Wang A Framework for Decentralized Energy Trading Based on Blockchain Technology Applied Sciences blockchain energy trading framework multi-agent modeling mechanism design |
| title | A Framework for Decentralized Energy Trading Based on Blockchain Technology |
| title_full | A Framework for Decentralized Energy Trading Based on Blockchain Technology |
| title_fullStr | A Framework for Decentralized Energy Trading Based on Blockchain Technology |
| title_full_unstemmed | A Framework for Decentralized Energy Trading Based on Blockchain Technology |
| title_short | A Framework for Decentralized Energy Trading Based on Blockchain Technology |
| title_sort | framework for decentralized energy trading based on blockchain technology |
| topic | blockchain energy trading framework multi-agent modeling mechanism design |
| url | https://www.mdpi.com/2076-3417/12/17/8410 |
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