Blockchain application in renewable energy microgrids: an overview of existing technology towards creating climate - resilient and energy independent communities

Svetec, Erica; Nađ, Lucija; Pašičko, Robert; Pavlin, Boris I

doi:10.1109/eem.2019.8916292

Cited by 18 publications

(10 citation statements)

References 5 publications

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“…In Australia, this approach to energy market, adopting tokens, has given rise to many pilot projects that connect renewable energy sources with blockchain projects sponsored by the Australian Government, which enabled one of the largest energy utilities in Australia to implement tokens in monitoring and trading energy [5,7,16]. Power Ledger (PL) is an example of an Australian energy trading platform, founded in 2016, that enables the decentralized sale and purchase of renewable energy with the application of P2P contracts via blockchain [53]. PL does not require the use of special hardware, but it is necessary to install a smart meter so that data on energy production and consumption can be processed and further traded using software trading in tokens [51][52][53].…”

Section: Tokens Of Electrical Energymentioning

confidence: 99%

Regulatory Paradigm and Challenge for Blockchain Integration of Decentralized Systems: Example—Renewable Energy Grids

et al. 2023

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Nowadays, fossil fuels are used in a clearly unsustainable way that can bring potentially catastrophic consequences. Electricity is currently delivered to end users by generation and energy transmission companies. Previous research shows that the development of modern circular economy sets a need for the re-orientation of socio and economic development of decentralized systems, including energy basis. In addition to being ecological, the use of renewable energy sources also has economic significance by contributing to energy independence. Citizens, industries, local and national authorities become interconnected within emerging novel renewable energy sourcing communities, through which they establish trade of energy and, most importantly, models of investing and reshaping the distribution of renewable energy. The modern portfolio management of renewable energy networking is aiming toward decentralized systems of trade, where the consumer becomes a producer (prosumer) within the network, itself managed by users. Excess energy produced in the micro-grid nets within the over-arching national and transnational energy grid should be accounted for and managed with blockchain technology for financial and structural security. The decentralization of the energy market requires the establishment of strict norms that will regulate the market and taxation of profits arising. The extensive literature review on blockchain in the energy sector reflects a very pragmatic and narrow approach to the topic, although it is evident that the distribution of energy within the blockchain would enable economic development through reducing cost and ensuring more secure energy trade. Blockchain technology embeds the related digital codes, in which information will be visible to all, but also secured from hacking and duplicating. However, there are challenges to this paradigm, not least the energy consumption of the extensive nodal mesh required to perform the necessary protocols. This paper aims to provide an overview of the application of blockchain technology and the need for the development of the regulatory system and of potential solutions to the challenges posed. By undertaking an energy consumption analysis of blockchain implementation from first electronic principles, which has not been constructed before in the literature, this paper’s conclusion stresses the future demand for reducing energy consumption and considers the latest findings in the quantum coupling of light signals as a potential for solving the enormous ledger duplication structure problem.

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Section: Tokens Of Electrical Energymentioning

confidence: 99%

Regulatory Paradigm and Challenge for Blockchain Integration of Decentralized Systems: Example—Renewable Energy Grids

et al. 2023

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“…The next rapidly emerging application is to enable peer-to-peer (P2P) energy trading [27,29]. It is a completely decentralized energy market where the prosumers bid and interact with one another for the sake of energy exchange without the involvement of a third party.…”

Section: Applications Of Blockchain In Energy Industrymentioning

confidence: 99%

Conceptualization of Blockchain Enabled Interconnected Smart Microgrids

Dinesha¹,

Balachandra²

2022

Preprint

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<p> Power systems are undergoing rapid transitions to incorporate renewable sources of generation and to combat climate change. Next stage of transitions will lead to a shift from large-scale, centralized systems to networks of smallsized, distributed electricity systems which require distributed or decentralized ledgers for database management for efficient transactions. Distributed Ledger Technology (DLT) are a form of decentralized ledgers where the transactions (energy, information and money) among various entities are maintained. One such DLT is blockchain technology which offers several advantages. Data recorded in blockchains are difficult to tamper with; have privacy protection; facilitate fast, accurate and real-time settlement of financial transactions. Contemporary research has started focusing on their possible applications in energy systems. State-of-the-art suggests that while business and market aspects have been extensively discussed, the electrical constraints and implementation methodologies have not been adequately addressed. Furthermore, all the reviewed projects have implemented only peer-to-peer transactions that are not scalable. To incorporate the new entities like prosumers, intermicrogrid transactions and interactions with the legacy power grid, new structural and operational frameworks are necessary. The proposed research explores the possibility of developing blockchain enabled smart microgrids (BSMG) with the above frameworks. It aims to build a conceptual framework of BSMG, including the transaction protocols and process flows. It proposes inclusion of network constraints in a three-levelled transaction setup which is executed over a four-layered architecture. Another practical challenge is that BSMGs may be set up on different blockchain platforms. Hence, this paper also proposes implementing Inter-Blockchain Protocol for the first time to include interoperability and communication between different platforms. Finally the performance metrics that will be used to validate the BSMGs are outlined. </p>

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“…The next rapidly emerging application is to enable peerto-peer (P2P) energy trading [27], [29]. It is a completely decentralized energy market where the prosumers bid and interact with one another for the sake of energy exchange without the involvement of a third party.…”

Section: B Applications Of Blockchain In Energy Industrymentioning

confidence: 99%