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Blockchain-based renewable energy trading system with smart contract in a small local community

Ryu, R ORCID: 0000-0001-9238-6358 and Yeom, S ORCID: 0000-0002-5843-101X 2021 , 'Blockchain-based renewable energy trading system with smart contract in a small local community', in SMA 2020: The 9th International Conference on Smart Media and Applications , Association for Computing Machinery, New York, USA, pp. 224-230 , doi: 10.1145/3426020.3426078.

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Abstract

With the high interest in the peer to peer (P2P) energy trading system, blockchain technology has increased attention as a solution to alleviate the current challenges in the centralised energy system. The study set out to discover how blockchain could be used for microgrid while controlling the scalability to encourage peer-to-peer energy trading with the assumption of the average dwelling density at around 20-30 households. The results showed that there is a scalability challenge in the blockchain as the network grows; however, the blockchain technology can be applied in the community which has a similar size with Hobart as there is no significant difference in the execution time up to 100 nodes while accumulating the transactions. Additionally, the study also found mining time, transaction fee and transactions number in the block are also related to the execution time. Therefore, these parameters should be considered to build a scalable blockchain for a microgrid.

Item Type: Conference Publication
Authors/Creators:Ryu, R and Yeom, S
Keywords: blockchain, renewable energy trading system, peer to peer energy trading
Journal or Publication Title: SMA 2020: The 9th International Conference on Smart Media and Applications
Publisher: Association for Computing Machinery
DOI / ID Number: 10.1145/3426020.3426078
Copyright Information:

Copyright 2020 Association for Computing Machinery

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