Model of decentralized cross-chain energy trading for power systems

Zhang, Shaomin; Hou, Cong

doi:10.1016/j.gloei.2021.07.006

Cited by 14 publications

(10 citation statements)

References 12 publications

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“…Relay chain mechanism is implemented in Ref. [86] for a heterogeneous energy blockchain transaction model based on energy internet (EI-HEB). There are different chains for wind generation, demand side, thermal power generation, energy storage, PV, and PHEV that are interconnected via the main chain which also acts as the relay chain.…”

Section: Interoperability Between Heterogeneous Blockchain Platformsmentioning

confidence: 99%

“…There are different chains for wind generation, demand side, thermal power generation, energy storage, PV, and PHEV that are interconnected via the main chain which also acts as the relay chain. The model uses Boneh-Lynn-Shacham signature scheme consensus algorithm based on PoS and BFT [86]. The authors note that the performance of the relay chain, and thereby, the trading efficiency needs to be improved.…”

Section: Interoperability Between Heterogeneous Blockchain Platformsmentioning

confidence: 99%

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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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Section: Interoperability Between Heterogeneous Blockchain Platformsmentioning

confidence: 99%

Section: Interoperability Between Heterogeneous Blockchain Platformsmentioning

confidence: 99%

Conceptualization of Blockchain Enabled Interconnected Smart Microgrids

Dinesha¹,

Balachandra²

2022

Preprint

View full text Add to dashboard Cite

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“…The challenges regarding scalability and interoperability in BSMGs are mentioned in [6] and discussed in [7]. In [19], different energy sources like wind, thermal, photovoltaic, energy storage, and plug-in hybrid electric vehicles are assigned separate blockchains (built on the same BCT platform) which then transact with each other through a relay chain using an improved Boneh-Lynn-Shacham signature scheme consensus algorithm. In [20], an optimized version of HTLC locks the trading asset, while non-interactive zeroknowledge (NIZK) establishes the credibility of this process.…”

Section: B Related Work In Energy Sectormentioning

confidence: 99%

Establishing Interoperability in Blockchain Enabled Interconnected Smart Microgrids Using Ignite CLI

Dinesha¹,

Balachandra²

2022

Preprint

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<p>This is a preprint only and has not been peer-reviewed or published anywhere so far. Abstract : Blockchain technology (BCT) is a game changer for many industries due to its distinct advantages like conducting peer-to-peer transactions in trustless environment, enhanced data security, greater transparency, and the inclusion of smart contracts. Its application in the energy industry in Blockchain Enabled Interconnected Smart Microgrids (BSMGs) is on the rise as it can automate local energy markets; execute energy trading; and implement market operations and management. However, they are limited by their scalability and low transactions rate. Also, with the increase in adoption of BSMGs, different types of BCT platforms will emerge, creating heterogeneity in the system. This shortcoming may lead to a monopoly of certain platforms over the rest. These drawbacks can be overcome by establishing interoperability between heterogeneous blockchains. Interoperability can also enable inter-microgrid transactions which will be hindered if there is no inter-chain communication and transaction. Cosmos is a network of blockchains which allows blockchains, applications and services to be interconnected through Inter Blockchain Communication (IBC) protocol. Ignite CLI is an open-source, command line interface which easily creates modular and customizable blockchains which are inherently connected to Cosmos through IBC. In this paper, Ignite CLI is used to create blockchains for BSMGs which exchange data and calls for inter-microgrid transactions via IBC. The procedure to establish inter-chain communication is defined. Interoperability between BSMGs is explored and demonstrated through different examples, for the first time in the energy domain. </p>

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“…In [36], cross-chain communication has been employed to facilitate energy transactions between the various energy sub-chains. Different energy sources like wind, thermal, photovoltaic, energy storage, and plug-in hybrid electric vehicles are assigned respective blockchains which then transact with each other through a relay chain which uses an improved Boneh-Lynn-Shacham signature scheme consensus algorithm based on PoS and BFT.…”

Section: B Related Work In Energy Sectormentioning

confidence: 99%