Blockchain for Peer-to-Peer Energy Exchanges: Design and Recommendations

Vangulick, David; Cornélusse, Bertrand; Ernst, Damien

doi:10.23919/pscc.2018.8443042

Cited by 41 publications

(41 citation statements)

References 9 publications

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“…This technology is the backbone behind the crypto-currencies that have appeared in recent years 31 . Some literature argue that blockchain can be the key factor to deploy a P2P market in the energy sector [69][70][71]. There are enormous advantages such as data management without third-party supervision, but caveats such as scalability and data storage need to be addressed before a real implementation in the energy sector [72].…”

Section: Comparison On P2p Market Designsmentioning

confidence: 99%

Peer-to-peer and community-based markets: A comprehensive review

Sousa

Soares

Pinson

et al. 2019

Renewable and Sustainable Energy Reviews

754

348

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The advent of more proactive consumers, the so-called "prosumers", with production and storage capabilities, is empowering the consumers and bringing new opportunities and challenges to the operation of power systems in a market environment. Recently, a novel proposal for the design and operation of electricity markets has emerged: these so-called peer-to-peer (P2P) electricity markets conceptually allow the prosumers to directly share their electrical energy and investment. Such P2P markets rely on a consumercentric and bottom-up perspective by giving the opportunity to consumers to freely choose the way they are to source their electric energy. A community can also be formed by prosumers who want to collaborate, or in terms of operational energy management. This paper contributes with an overview of these new P2P markets that starts with the motivation, challenges, market designs moving to the potential future developments in this field, providing recommendations while considering a test-case.

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Section: Comparison On P2p Market Designsmentioning

confidence: 99%

Peer-to-peer and community-based markets: A comprehensive review

Sousa

Soares

Pinson

et al. 2019

Renewable and Sustainable Energy Reviews

754

348

View full text Add to dashboard Cite

show abstract

“…The most prominent energy blockchain applications include peer-to-peer trading, electric vehicle charging, sustainability rewards, prepaid metering, energy performance, and demand-side management, to name a few [4]. Of these applications, peer-to-peer and transactive energy trading for smart grids and microgrids represent some of the most compelling and researched use cases, with research contributions focusing on efficient and robust designs to facilitate energy transactions across communities and wholesale markets [5][6][7][8][9].…”

Section: Energy Blockchain Applicationsmentioning

confidence: 99%

“…Additionally, other scalability concerns pertaining to memory and compute limitations may arise when advanced models (e.g., machine learning) and ancillary operating data are embedded within the blockchain [2]. Therefore, engineers must carefully consider which assets belong inside and outside the blockchain to promote scalability [3,5].…”

mentioning

confidence: 99%

“…Market policies and logic are needed to ensure the trust and security characteristics of blockchain technology are not circumvented by ambiguous transactional data, or inaccurate business logic. Such market challenges may include the development of formal methods to identify, calculate and settle energy losses between different combinations of market participants [5], and the introduction of formal and trusted methods to manage the temporal lifecycle of smart contracts as terms and conditions change [2].…”

mentioning

confidence: 99%

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A Systematic Analysis of Real-World Energy Blockchain Initiatives

O’Donovan

O’Sullivan

2019

Future Internet

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The application of blockchain technology to the energy sector promises to derive new operating models focused on local generation and sustainable practices, which are driven by peer-to-peer collaboration and community engagement. However, real-world energy blockchains differ from typical blockchain networks insofar as they must interoperate with grid infrastructure, adhere to energy regulations, and embody engineering principles. Naturally, these additional dimensions make real-world energy blockchains highly dependent on the participation of grid operators, engineers, and energy providers. Although much theoretical and proof-of-concept research has been published on energy blockchains, this research aims to establish a lens on real-world projects and implementations that may inform the alignment of academic and industry research agendas. This research classifies 131 real-world energy blockchain initiatives to develop an understanding of how blockchains are being applied to the energy domain, what type of failure rates can be observed from recently reported initiatives, and what level of technical and theoretical details are reported for real-world deployments. The results presented from the systematic analysis highlight that real-world energy blockchains are (a) growing exponentially year-on-year, (b) producing relatively low failure/drop-off rates (~7% since 2015), and (c) demonstrating information sharing protocols that produce content with insufficient technical and theoretical depth.

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“…However, there is a specific role for creating a block at every time period and thus, guaranteeing that the transactions within it are correct. This is the role of the so-called miner, who provides computational power to check the transactions and put them together to form blocks, in exchange for a fee [13]. On top of blockchain technology, smart contracts are autonomous computer systems, written in code, that manage executions in the form of rules between parties on the Blockchain.…”

Section: Introductionmentioning

confidence: 99%

Consensus Reaching with Heterogeneous User Preferences

Cadre¹,

Puente²,

Höschle³

2019

Lecture Notes of the Institute for Computer Sciences, Social Informatics and Telecommunications Engineering

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In this paper, we consider consumers and prosumers who interact on a platform. Consumers buy energy to the platform to maximize their usage benefit while minimizing the cost paid to the platform. Prosumers, who have the possibility to generate energy, self-consume part of it to maximize their usage benefit and sell the rest to the platform to maximize their revenue. Product differentiation is introduced and consumers can specify preferences regarding locality, RES-based generation, and matchings with the prosumers. The consumers and prosumers' problems being coupled through a matching probability, we provide analytical characterizations of the resulting Nash equilibrium. Assuming supply-shortages occur, we reformulate the platform problem as a consensus problem that we solve using Alternating Direction Method of Multipliers (ADMM), enabling minimal information exchanges between the nodes. On top of the platform, a trust-based mechanism combining exploitation of nodes with good reputation and exploration of new nodes, is implemented to determine the miner node which validates the transactions. A case study is provided to analyze the impact of preferences and miner selection dynamic process.

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Blockchain for Peer-to-Peer Energy Exchanges: Design and Recommendations

Cited by 41 publications

References 9 publications

Peer-to-peer and community-based markets: A comprehensive review

Peer-to-peer and community-based markets: A comprehensive review

A Systematic Analysis of Real-World Energy Blockchain Initiatives

Consensus Reaching with Heterogeneous User Preferences

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