A Blockchain-Enhanced Transaction Model for Microgrid Energy Trading

Abstract

In the power sector, microgrids play a supportive role in bridging the adequacy gap in the conventional electricity supply. Trading of the generated energy has recently been improved by blockchain technology which offers a new cheap, secure, and decentralized transaction approach. Its operation is however associated with an undesired inherent delay during energy transactions initiated by the prosumers, thus, failure to timely attend to incidences of urgent demand could end up in catastrophe at the consumer's side. This article thus proposes a cyber-enhanced transactive microgrid model using blockchain technology with optimized participants' permission protocol to ameliorate this challenge. It is demonstrated that the optimized blockchain participants' permission model leads to improved transaction speed and greater convenience. The transaction speed simulation is thereafter performed and it was also demonstrated that the node population has a greater effect than the transaction block size on the transaction speed improvement.

Non-Bias Allocation of Export Capacity for Distribution Network Planning With High Distributed Energy Resource Integration

“…Moreover, when DER comes from sustainable sources the dependency on fossil fuels is reduced, which is a paramount strategy against climate change, priority for governments, regulators and the general public [6]. Aside from these, it is important to enumerate the less-obvious yet important motivations for this work: (1) Fairness and governance in distribution networks [7], (2) prioritising self-consumption [8], [9], and (3) transaction permissions considering grid constraints in local energy trading environments [10].…”

Blockchain in the Energy Sector—Systematic Review

“…The authors performed simulations in the Python environment to validate this model. Okoye et al [49] also deal with microgrids and their use in the power sector. They present a cyber-enhanced transactive microgrid model that uses blockchain technology.…”

“…Naturally, all the articles dealt with peer-to-peer energy trading. Most of the articles discussed directly renewable energy, renewable resources, or green energy [19,21,35,40,41,[43][44][45][47][48][49][50][51].…”

“…In contrast to the above, the connection of blockchain in energy with electric vehicles was given in nine articles [19,21,35,41,44,45,50,51]. Many articles also used the term Prosumer [19,21,34,35,41,44,45,[48][49][50][51], i.e., the combination of the words producer and consumer.…”

A novel distributed privacy‐preserving control and data collection method for IoT‐centric microgrids

“…Regional and national regulations have been put in place, such as general data protection regulation (GDPR) by European Union (EU), to preserve the privacy of end-user information; however, these regulations are broad and do not entail the architectural details and limitations. As the volume of the data from smart meters is substantial, it also mandates the use of cloud processing algorithms for the required aggregation tasks, such as real-time demand response [5].…”