Methods for Flexible Management of Blockchain-Based Cryptocurrencies in Electricity Markets and Smart Grids

Ghorbanian, Maedeh; Dolatabadi, Sarineh Hacopian; Siano, Pierluigi; Kouveliotis-Lysikatos, Iasonas; Hatziargyriou, Nikos D.

doi:10.1109/tsg.2020.2990624

Cited by 42 publications

(19 citation statements)

References 42 publications

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“…Neighborhood Area Networks (NAN) [22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37] Software Defined Networks (SDN) [20,[38][39][40][41][42][43] Interdependent networks (IN) [44][45][46][47][48][50][51][52][53] Field Area Networks (FAN) [21,49,[54][55][56][57][58][59][60][61][62][63]69] Wireless Sensor Networks (WSN) [64][65][66][67][68][69]...…”

Section: Discussionmentioning

confidence: 99%

“…Table 3 shows that most of the Encryption issues do not clearly define the algorithms they use, although there are some articles that use Multi-dimensional Data aggregation and even Cognitive Risk Control. Multi-dimensional Data aggregation [42,[55][56][57]60,62,64] Cognitive Risk Control [37,82] Not Defined [19,20,[22][23][24]26,28,29,31,35,36,38,39,43,[45][46][47][48]50,[52][53][54]58,61,63,73,[76][77][78][79]81,[98][99][100][101][102][103][104][105]…”

Section: Discussionmentioning

confidence: 99%

“…Ghorbanian et al [46] present some points to enhance the SGs performance, focusing on energy trading issues, flexibility of power systems and negative pricing issues, energy management, arbitrage and pricing issues, SG management issues, renewable energy resources integration issues, and SG financial transactions, giving rise to mechanism next to financial advantages from blockchain-based cryptocurrencies utilization that could get to a flatter load profile for avoiding negative pricing and price peaks. Furthermore, Ghorbanian et al [46] expose the need to adapt blockchain algorithms to ensure the use of cryptocurrencies by communities of Internet users eager to have more secure algorithms when carrying out transactions in the field of energy systems and then in their markets. Moreover, the authors define a scheme to show the efficient use of these digital currencies in energy systems that can be considered with a current perspective and, but especially towards the future, with the aim of anticipating any challenge to face.…”

Section: Interdependent Networkmentioning

confidence: 99%

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A Comprehensive Review on Smart Grids: Challenges and Opportunities

Escobar

Matamoros

Tejeida-Padilla

et al. 2021

Sensors

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Recently, the operation of distribution systems does not depend on the state or utility based on centralized procedures, but rather the decentralization of the decisions of the distribution companies whose objectives are the efficiency of interconnectivity. Therefore, distribution companies are exposed to greater risks, and due to this, the need to make decisions based on increasingly reliable models has grown up considerably. Therefore, we present a survey of key aspects, technologies, protocols, and case studies of the current and future trend of Smart Grids. This work proposes a taxonomy of a large number of technologies in Smart Grids and their applications in scenarios of Smart Networks, Neural Networks, Blockchain, Industrial Internet of Things, or Software-Defined Networks. Therefore, this work summarizes the main features of 94 research articles ranging the last four years. We classify these survey, according Smart Grid Network Topologies, because it can group as the main axis the sensors applied to Smart Grids, as it shows us the interconnection forms generalization of the Smart Networks with respect to the sensors found in a home or industry.

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Section: Discussionmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

Section: Interdependent Networkmentioning

confidence: 99%

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A Comprehensive Review on Smart Grids: Challenges and Opportunities

Escobar

Matamoros

Tejeida-Padilla

et al. 2021

Sensors

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“…Within these five main requirements, some of the most frequently discussed potential demand sink technologies are (1) Hydrogen electrolysis [6,7], (2) CO 2 Direct Air Capture (DAC) [8], (3) Flexible resistive heating [9], possibly in conjunction with traditional gas-fired boilers [10], (4) Bitcoin or other cryptocurrency mining [11], and (5) Desalination of water [12,13]. While some of these and other potential technologies have been modeled separately in previous studies, the general class of demand sink technologies has not been thoroughly explored.…”

Section: Introductionmentioning

confidence: 99%

Understanding the Role and Design Space of Demand Sinks in Low-carbon Power Systems

Jagt

Jenkins

2021

Preprint

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As wind and solar penetration increases, electricity systems will experience common periods of overgeneration and low prices. A variety of flexible electricity loads, or ‘demand sinks’, could be deployed to use intermittently available low-cost electricity to produce valuable outputs (also known as ‘Power-to-X’). This study provides a general framework to evaluate any potential demand sink technology and understand its viability to be deployed cost-effectively in low-carbon power systems. We use an electricity system optimization model to assess 98 discrete combinations of capital costs and output values that collectively span the range of feasible characteristics of potential demand sink technologies. We find that candidates like hydrogen electrolysis, direct air capture and flexible electric heating can all achieve significant installed capacity (>10% of system peak load). Demand sink technologies significantly increase installed wind and solar capacity, while not significantly affecting battery storage or firm generating capacity, or the average cost of electricity.

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“…transition towards decentralization, data privacy, etc.). In [29], the authors present ideas to tackle the challenges of using blockchain-based cryptocurrencies in modern power grids, such as utilizing cryptocurrency mining as a demand response mechanism. They focus on technical and economical aspects of power grids, and the integration and management of cryptocurrencies.…”

Section: Introduction and Literature Reviewmentioning

confidence: 99%

Demystifying Distributed Ledger Technologies: Limits, Challenges, and Potentials in the Energy Sector

2020

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The success of the sustainable transformation of the energy sector, both in terms of planning and operation, relies on new entities, business models, and technologies. The shift from a relatively small number of centralized bulk producers and single direction energy flow to a decentralized multi-actor renewable system with a two-way flow of energy and multi-way flow of information needs to be accompanied by new technological solutions. Blockchain and other Distributed Ledger Technologies (DLT) represent a new technology for the energy sector, creating both opportunities and challenges for different aspects of energy systems, such as energy production, peer-to-peer (P2P) energy markets, green certificate registries, etc. Due to its decentralized nature and no need for intermediaries, DLT can facilitate energy democratization processes and decentralized energy production. In this paper, we present a systematic review of DLT principles, its theoretical background, and the most notable implementations, as well as an in-depth analysis of representative research projects and companies researching DLT use cases in the energy sector, taking into consideration technical aspects of DLT. We provide an insight into the benefits and limitations of DLT and identify technical challenges that need to be solved to enable widespread usage of DLT in energy systems. Additionally, we provide suggestions and guidelines for implementing DLT in different categories of use cases in the energy sector.

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Methods for Flexible Management of Blockchain-Based Cryptocurrencies in Electricity Markets and Smart Grids

Cited by 42 publications

References 42 publications

A Comprehensive Review on Smart Grids: Challenges and Opportunities

A Comprehensive Review on Smart Grids: Challenges and Opportunities

Understanding the Role and Design Space of Demand Sinks in Low-carbon Power Systems

Demystifying Distributed Ledger Technologies: Limits, Challenges, and Potentials in the Energy Sector

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