The current centralized model of the electricity market is not efficient in performing distributed energy transactions required for the transactive smart grid. One of the prominent solutions to this issue is to integrate blockchain technologies, which promise transparent, tamper-proof, and secure transaction systems specifically suitable for the decentralized and distributed energy markets. Blockchain has already been shown to successfully operate in a microgrid peer-to-peer (P2P) energy market. The prime determinant of different blockchain implementations is the consensus algorithm they use to reach consensus on which blocks/transactions to accept as valid in a distributed environment. Although different blockchain implementations have beenmore »
Proof of X: Experimental Insights on Blockchain Consensus Algorithms in Energy Markets
The current centralized model of the electricity market is not efficient in performing distributed energy transactions required for the transactive smart grid. One of the prominent solutions to this issue is to integrate blockchain technologies, which promise transparent, tamper-proof, and secure transaction systems specifically suitable for the decentralized and distributed energy markets. Blockchain has already been shown to successfully operate in a microgrid peer-to-peer (P2P) energy market. The prime determinant of different blockchain implementations is the consensus algorithm they use to reach consensus on which blocks/transactions to accept as valid in a distributed environment. Although different blockchain implementations have been proposed independently for P2P energy market in the microgrid, quantitative experimental analyses and comparison of the consensus algorithms that the different blockchains may use for energy markets, has not been studied. Identifying the right consensus algorithm to use is essential for scalability and operation of the energy market. To this end, we evaluate three popular consensus algorithms: (i) proof of work (PoW), (ii) proof of authority (PoA), and (iii) Istanbul Byzantine fault tolerance (IBFT), running them on a network of nodes set up using a network of docker nodes to form a microgrid energy market. Using a series of double more »
- Award ID(s):
- 1757207
- Publication Date:
- NSF-PAR ID:
- 10228892
- Journal Name:
- 2021 IEEE Power & Energy Society Innovative Smart Grid Technologies Conference (ISGT)
- Page Range or eLocation-ID:
- 1 to 5
- Sponsoring Org:
- National Science Foundation
More Like this
-
-
Public blockchains have spurred the growing popularity of decentralized transactions and smart contracts, especially on the financial market. However, public blockchains exhibit their limitations on the transaction throughput, storage availability, and compute capacity. To avoid transaction gridlock, public blockchains impose large fees and per-block resource limits, making it difficult to accommodate the ever-growing high transaction demand. Previous research endeavors to improve the scalability and performance of blockchain through various technologies, such as side-chaining, sharding, secured off-chain computation, communication network optimizations, and efficient consensus protocols. However, these approaches have not attained a widespread adoption due to their inability in delivering amore »
-
Abstract Double auction mechanisms have been designed to trade a variety of divisible resources (e.g., electricity, mobile data, and cloud resources) among distributed agents. In such divisible double auction, all the agents (both buyers and sellers) are expected to submit their bid profiles, and dynamically achieve the best responses. In practice, these agents may not trust each other without a market mediator. Fortunately, smart contract is extensively used to ensure digital agreement among mutually distrustful agents. The consensus protocol helps the smart contract execution on the blockchain to ensure strong integrity and availability. However, severe privacy risks would emerge inmore »
-
As distributed energy resources (DERs) are widely deployed, DC packetized power microgrids have been considered as a promising solution to incorporate DERs effectively and steadily. In this paper, we consider a DC packetized power microgrid, where the energy is dispatched in the form of power packets with the assist of a power router. However, the benefits of the microgrid can only be realized when energy subscribers (ESs) equipped with DERs actively participate in the energy market. Therefore, peer-to-peer (P2P) energy trading is necessary in the DC packetized power microgrid to encourage the usage of DERs. Different from P2P energy tradingmore »
-
Traditionally, spectrum allocation has been governed by centralized schemes (e.g., command-and-control). Nonetheless, other mechanisms, such as collaborative enforcement, have proven to be successful in a variety of scenarios. In Collaborative enforcement (i.e., collective action), the stakeholders agree on decision-making arrangements (i.e., access, allocation, and control of the resources) while being involved in monitoring the adherence to the rules as a shared effort. Blockchain is a distributed ledger of records/transactions (i.e., database) that brings many benefits such as decentralization, transparency, immutability, etc. One of the most notable characteristics of blockchain-based platforms is their definition as trust-less environments, as there is nomore »