Decentralized On-Demand Energy Supply for Blockchain in Internet of Things: A Microgrids Approach

Li, Jianan; Zhou, Zhenyu; Wu, Jun; Mumtaz, Shahid; Lin, Xi; Gacanin, Haris; Alotaibi, Sattam

doi:10.1109/tcss.2019.2917335

Cited by 166 publications

(102 citation statements)

References 24 publications

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“…(i) Proof of work: In this consensus mechanism every blockchain node willing to mine or validate a block solves a complex mathematical problem that requires significant computational power. 70 To solve the problem the participants have to find a hash value of the block such that it meets a certain predefined difficulty level. The node which finds the solution first is the winner and it can create a block of transactions.…”

Section: Ta B L E 1 Comparison Between Different Types Of Blockchainmentioning

confidence: 99%

Framework for determining the suitability of blockchain: Criteria and issues to consider

Hassija

Zeadally

Jain

et al. 2021

Trans Emerging Tel Tech

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Various distributed ledger technologies (DLTs), such as blockchain, have evolved significantly in recent years. These technologies provide a robust and effective solution for providing confidentiality, integrity, nonrepudiation, authentication, and transparency. While blockchain has many advantages, it has various limitations as well, such as complexity, low throughput, privacy, and so on. We discuss the issues that must be considered when deciding whether to use these technologies in a given case or not. We describe the operation of blockchain, application areas where blockchain is suitable, and those where it is not. We also discuss the applicability of other emerging DLTs, apart from blockchain technology, such as Hashgraph, Zcash, Nano coin, and IOTA. INTRODUCTIONAs the name suggests, a blockchain can be considered as a database where digital information (ie, "Blocks") is stored in a distributed network as a chain of blocks. Blockchain falls in the class of distributed ledger technologies (DLT) that allow a database to be used and maintained in a distributed manner. Blockchain provides a shared ledger of transactions 1 that can be read, verified and stored in the form of blocks, forming a chain-like structure. Depending on the size of the transaction, a block may store up to a few thousand transactions (eg, a single block in the bitcoin blockchain can store about 1 MB of data). The security and anonymity provided by blockchain relies on the use of public key based digital signatures, hash functions, and the distributed nature of the database. Participants in a blockchain are connected through a peer-to-peer (P2P) network and are independent of each other. 2 This architecture allows the sharing of resources, 3 avoids single point of failure, and reduces the likelihood of data tampering because the data is not stored or managed by specific nodes. [4][5][6] However, there are many challenges 7 that need to be resolved in the case of distributed networks. These challenges include accountability, confidentiality, integrity, nonrepudiation, and authentication, due to the absence of any central authority. Another major issue is trust because there is no central authority that can resolve any ambiguities or disagreements that may occur. Blockchain resolves all these issues. Confidentiality and authentication are ensured using two-way encryption, that is, by encrypting the data first by the sender's private key and then by the receiver's public key. To decrypt it, first the receiver's private key is used and then the sender's public key. Consequently, data remains confidential, integrity is achieved and because the data can be obtained using sender's public key, it acts as a digital signature that authenticates the data and eliminates the possibility of nonrepudiation. Trust is obtained by introducing a consensus Trans Emerging Tel Tech.

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Section: Ta B L E 1 Comparison Between Different Types Of Blockchainmentioning

confidence: 99%

Framework for determining the suitability of blockchain: Criteria and issues to consider

Hassija

Zeadally

Jain

et al. 2021

Trans Emerging Tel Tech

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“…According to the development trend of urban energy system, the connotation, composition and framework of urban energy internet are pointed out. Li et al proposed a decentralized on-demand energy supply method based on microgrid to provide decentralized on-demand energy for mining in IoT devices [10]. The scheme proposes an energy supply structure to meet the different energy requirements of miners for different consensus agreements.…”

Section: Related Workmentioning

confidence: 99%

A Blockchain-based Trading Matching Scheme in Energy Internet

Lü

Guan

2020

Proceedings of the 2nd ACM International Symposium on Blockchain and Secure Critical Infrastructure

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With the advent of the Industry 4.0 era, the energy industry system revolution will also face new challenges. Against the backdrop of the global energy crisis, renewable energy has received great attention from countries around the world. Due to the characteristics of geographical dispersion, randomness, volatility and uncontrollability of renewable energy, the centralized traditional electrical energy networks cannot meet the management requirements of large-scale access to renewable energy. The emergence of the energy internet has enabled the effective use of renewable energy. As a distributed trading and data management technology, blockchain solves the problem of distributed electrical energy trading in the energy Internet. However, the distributed energy trading based on blockchain cannot satisfy the rational matching of trading objects. Therefore, we propose a blockchain-based electrical energy trading system BC-TMS Blockchain-based trading matching system, which can reasonably match trading objects according to the user's personalized needs and maximize the benefits of both parties to the trading. At the same time, the system also provides a certain degree of privacy protection. Finally, through security and application prospect analysis, we prove the usability and practicability of our proposed scheme.

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“…Applying blockchain technology to distribution network technology operation is a relatively new research direction [52][53][54]. In [50], blockchain technology was used to provide ancillary services to the microgrid market, taking into account technical issues that may arise during the decentralized transaction of the microgrid.…”

Section: Application Of Blockchain Technology In Microgridmentioning

confidence: 99%

“…However, the decentralized trading model also faces security challenges while saving operating costs and improving operational efficiency. In this case, blockchain technology has become the most powerful technical support for building a power trading system [51,53,55].…”

Section: Application Of Blockchain Technology In Microgridmentioning

confidence: 99%

Consortium Blockchain-Based Microgrid Market Transaction Research

Zhao

Yao

et al. 2019

Energies

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The microgrid trading market can effectively solve the problem of in-situ consumption of distributed energy and reduce the impact of distributed generation (DG) on the grid. However, the traditional microgrid trading model has some shortcomings, such as high operation cost and poor security. Therefore, in this paper, a microgrid market trading model was developed using consortium blockchain technology and Nash game equilibrium theory. Firstly, blockchain container is used to authenticate the users who want to participate in the transaction. Then, the pricing system collects and integrates transaction requests submitted by users, then formulates transaction pricing strategy of microgrid using Nash equilibrium theory. Finally, the price, trading volume, and user information are submitted to the blockchain container for transaction matching to achieve the transaction. After the transaction is completed, its related information is recorded in the hyperledger and the dispatch system is called. The scene simulation was implemented on Fabric 1.1 platform and the results analyzed. Results show that the trading model proposed in this paper greatly reduces the cost of electricity purchase and improves the benefits of electricity sales. Besides, the model is far more capable of handling transactions than the models based on Bitcoin and Ethereum.

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Decentralized On-Demand Energy Supply for Blockchain in Internet of Things: A Microgrids Approach

Cited by 166 publications

References 24 publications

Framework for determining the suitability of blockchain: Criteria and issues to consider

Framework for determining the suitability of blockchain: Criteria and issues to consider

A Blockchain-based Trading Matching Scheme in Energy Internet

Consortium Blockchain-Based Microgrid Market Transaction Research

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