A peer-to-peer verifiable and secure energy trading framework based on blockchain technology (original) (raw)

P2P Energy Trading Application In Smart Grids Using Blockchain

IJRASET, 2021

This paper helps one to understand the concept of smart grids, blockchain, and their interaction with one another in a real-world application of the energy sector, specifically in the smart grids. Initially, we will focus on the working of smart grids and compare them with traditional models. Formalize a list of existing gaps in the present technology and solve them with the introduction of blockchain technology as the principle solution. In the current energy distribution system, when a supplier produces electricity from a renewable energy source (RES), the distribution process is highly inefficient and mismanaged. The meter readings are first logged onto a spreadsheet and then sent to the registry provider to issue a certificate. Then multiple other intermediaries are involved in the whole process, such as one to broker a deal between producers and consumers. Then another external intermediary is tasked with verifying the certificates. This causes an increase in the operational costs, errors, and multiple third parties/mediators involved, which causes a lack of trust in the system. The current system is also highly centralized, and our proposed system; this is P2P energy trading in smart grids using blockchain aims to eliminate the above drawbacks.

Blockchain Applications in Smart Grid: Challenges and Opportunities

IEEE, 2023

The smart grid, envisioning a modernized and intelligent electric power system, stands to significantly benefit from the inclusion of blockchain technology in it. Blockchain offers a decentralized, secure, and tamper-proof platform that addresses various challenges faced by the conventional grid. This paper provides an introduction to blockchain technology, providing details about, its component, types of networks and consensus mechanisms used in it. It then highlights the diverse applications of blockchain across various industries. Subsequently this paper explores blockchain's application in the smart grid domain, emphasizing its potential to revolutionize peer to peer (P-2-P) energy trading, energy management, security and energy trading in Electric vehicle. Finally, the paper examines various challenges associated with the addition of blockchain into the smart grid, encompassing scalability, interoperability, security, data privacy, and regulatory limitations.

Towards a Blockchain-Based Peer-to-Peer Energy Marketplace

Energies

Blockchain technology is used as a distributed ledger to store and secure data and perform transactions between entities in smart grids. This paper proposes a platform based on blockchain technology and the multi-agent system paradigm to allow for the creation of an automated peer-to-peer electricity market in micro-grids. The use of a permissioned blockchain network has multiple benefits as it reduces transaction costs and enables micro-transactions. Moreover, an improvement in security is obtained, eliminating the single point of failure in the control and management of the platform along with creating the possibility to trace back the actions of the participants and a mechanism of identification. Furthermore, it provides the opportunity to create a decentralized and democratic energy market while complying with the current legislation and regulations on user privacy and data protection by incorporating Zero-Knowledge Proof protocols and ring signatures.

Securing the Smart Grid: A Blockchain-based Secure Smart Energy System

54th International Universities Power Engineering Conference – UPEC 2019, 2019

This paper presents how a Smart Grid system is secured and how blockchain implementation provides confidentiality and integrity for such a system. One main issue that has to be addressed in smart grid systems is databases security. Blockchain has been proven to be a safe alternative to be used in mining systems because it allows a secure applicability in databases. Another important feature is that each hash in a crypto mining system cannot be changed if it has such an algorithm behind its build, thus resulting in a secure and reliable system. This paper aims to show how blockchain can affect and be used in a smart power management system going forth from the SealedGRID platform. This system enables the user to monitor in real time the power usage in a smart grid system, therefore, this platform being built with security and resilience against attacks in mind.

Blockchain for Power Grids

2019 SoutheastCon, 2019

Sharing information is an important part of regulating and maintaining efficient and safe power grids. This project's goal is to develop a way of using blockchain technology to share transaction information among different power grids in a secure, controlled, monitored, and efficient manner. The biggest concern regarding the data is integrity. By leveraging blockchain technology, the data will be reliable and resilient to attacks, such as man-in-the-middle and data spoofing attacks. The Hyperledger Fabric implementation provides a permissioned network in which power grids will act as nodes that maintain ledger information. By using a distributed ledger to validate transactions through the process of consensus, the system can share information in a manner that is more secure and transparent than traditional information sharing systems in which data is less secure and takes longer to validate. The additional layers of security and speed that Hyperledger technology provides help to prevent issues, such as power grid failures, that could stem from the latency or integrity issues involved with traditional methods of validating, processing, and reacting to shared data.

OVERVIEW OF BLOCKCHAIN TECHNOLOGY IN SMART GRID

IAEME PUBLICATION, 2020

The smart grid idea was implemented as a new approach to the traditional power grid to find an optimal way to integrate renewable and sustainable energy innovations. In such a manner the web-connected advanced grid, often known as the power web, also appears as a unique approach at a certain time to make sure electricity from everywhere. Such innovations are primarily aimed at building a successful community. Smart Grids are an expanding technology that offers dramatic socioeconomic improvements. Data protection problems in power data usage and trading, nevertheless, pose significant obstacles in smart grid implementation. Blockchain technology has been tested for scope in the advanced grid to overcome such hurdles. Blockchain has some fantastic features that make it a successful smart grid model framework. This paper illustrates a detailed study of the smart grid implementation of Blockchain. The major security issues in smart grid environments that Blockchain can tackle is described.

Tracing and Securing DER Transactions in the Wholesale Electricity Market using Blockchain

2021 IEEE Madrid PowerTech, 2021

Participation of distributed energy resources (DERs) in the wholesale electricity market (WEM), provides an opportunity to DER owners to profit from dynamic energy prices and ancillary service products (ASPs) while enhancing reliability and flexibility of power systems. Recently announced FERC Order 2222 in the USA clarifies the regulatory rules to support this participation. The order directs the WEMs across the USA to accommodate the participation of DERs in the market through aggregators. This opportunity encounters two major challenges: (i) traceability of DERs service support by the aggregator, (ii) cybersecurity of the communications among the ISO, aggregator and DERs. To address these challenges, we propose a blockchainbased solution to assure traceability and security of energy/monetary transactions among different entities involved in this arrangement. First, we discuss what the ASPs characteristics of the aggregator-DERs engagement are. Next, we define the data that needs to be exchanged among the involved entities and how the energy, ASP and monetary transactions can be validated based on this data. Last, we discuss the blockchain framework design to preserve privacy, the consensus algorithm for transaction exchange, and data to be stored in the blocks.

Blockchain as Key Enabling Technology for Future Electric Energy Exchange: A Vision

IEEE Access

Our energy scenario is nowadays shaped by progressive electrification of energy final use. In this context, electricity networks are seeing a growing multitude of distributed assets entering from the edges of the grid and acquiring new ICT capabilities that were limited before to a restricted number of major players. Particularly, assets like Photovoltaic Inverter (PvI), Electric Vehicle (EV) chargers, wind turbines controllers, programmable loads, storage systems, and other Distributed Energy Resources (DER) are now able to communicate through different technologies and make conscious choices under humandecisions or even independently. This is leading to a decentralization of the system's view by increasing single actor independence. Notwithstanding, a problem arises when current centrally-managed electricity networks struggle to coordinate massive amounts of new figures and adapt to this new decentralized paradigm. Therefore, a decentralized coordination-and-control framework will ensure better integration of DERs and new figures as prosumers, while allowing higher exploitation of their potential compared to centrally managed systems. This article seeks in Blockchains the enabling technology for designing and supporting such a grid infrastructure. It develops a first framework to address this need by envisioning a gridsystem based on the direct participation of nowadays-used embedded-energy-devices within a decentralized platform hosting specific coordination procedures. The platform was developed in an experimental research campaign performed at ABB Laboratories basing on embedded-devices currently designed as controlconnectivity boards for smart-inverters. Therefore this article introduces the background theory and reasons behind this proposed system. The intent here is not to give all the specific details of the implementation, but introduce the supporting reason, high-level design, and required characteristic of the Blockchain-based platform for coordinating grid operations. Blockchain technology is seen here as the appropriate technology to enable the realization of a multi-actor energy-management system and enable distributed coordination in power grids. INDEX TERMS Blockchain, distributed ledger technology, distributed energy resources, embedded software, smart inverters, digital energy.

A Review of Blockchain-based Smart Grid: Applications, Opportunities, and Future Directions

ArXiv, 2020

The Smart Grid (SG) concept presented an unprecedented opportunity to move the energy sector to more availability, reliability, and efficiency to improve our economic and environmental conditions. Renewable energy sources (Solar & Wind) are such technologies that are used in the smart grid to figure out the environmental and economic issues and challenges. Smart grids provide energy in different crowded sectors with the efficient and timely transmission of electricity. But the traditional power grids follow a centralized approach for energy transactions with a large number of growing connections and become more challenging to handle power disturbance in the grid. Blockchain as a decentralized and distributed technology provides promising applications in the smart grid infrastructure with its excellent and salient features. In this paper, we provide a concise review of blockchain architecture, concepts, and applications in smart grids. Different potential opportunities for blockchain...

A blockchain-based infrastructure for reliable and cost-effective IoT-aided smart grids

One of the main trends in the evolution of smart grids is transactive energy, where distributed energy resources, e.g. smart meters, develop towards Internet-of-Things (IoT) devices enabling prosumers to trade energy directly among each other, without the need of involving any centralised third party. The expected advantages in terms of cost-effectiveness would be significant, indeed technical solutions are being investigated and large-scale deployment are planned by major utilities companies. However, introducing transactive energy in the smart grid entails new security threats, such as forging energy transactions.{\ensuremath{<}}br/{\ensuremath{>}}This paper introduces an infrastructure to support reliable and cost-effective transactive energy, based on blockchain and smart contracts, where functionalities are implemented as fully decentralised applications. Energy transactions are stored in the blockchain, whose high replication level ensures stronger guarantees against tampering. Energy auctions are carried out according to transparent rules implemented as smart contracts, hence visible to all involved actors. Threats deriving from known vulnerabilities of smart meters are mitigated by temporarily keeping out exposed prosumers and updating their devices as soon as security patches become available.