Blockchain-Based Power Energy Trading Management

Hao WANG, Shenglan MA, Chaonian GUO, Yulei WU, Hong-ning DAI, Di WU

Research output: Journal PublicationsJournal Article (refereed)peer-review

1 Citation (Scopus)

Abstract

Distributed peer-to-peer power energy markets are emerging quickly. Due to central governance and lack of effective information aggregation mechanisms, energy trading cannot be efficiently scheduled and tracked. We devise a new distributed energy transaction system over the energy Industrial Internet of Things based on predictive analytics, blockchain, and smart contract technologies. We propose a solution for scheduling distributed energy sources based on the Minimum Cut Maximum Flow theory. Blockchain is used to record transactions and reach consensus. Payment clearing for the actual power consumption is executed via smart contracts. Experimental results on real data show that our solution is practical and achieves a lower total cost for power energy consumption.
Original languageEnglish
Article number3409771
Pages (from-to)1-16
Number of pages16
JournalACM Transactions on Internet Technology
Volume21
Issue number2
Early online date8 Mar 2021
DOIs
Publication statusPublished - Jun 2021
Externally publishedYes

Bibliographical note

Funding Information:
The work described in this paper was partially supported by the National Natural Science Foundation of China under Grant No. 61672170 and No. 61871313 and the Science and Technology Planning Project of Guangdong Province under Grant No. 2017A050501035. Also, this work is partially funded by the Fujian Fumin Foundation. Authors’ addresses: H. Wang (corresponding author), Norwegian University of Science and Technology, Postboks 191, 2802 Gjøvik, Norway; email: hawa@ntnu.no; S. Ma and C. Guo, Fujian Rural Credit Union, Fuzhou, 350000, China; emails: {mashenglan, guochaonian}@fjnx.com.cn; Y. Wu (corresponding author), University of Exeter, Exeter, EX4 4QF, UK; email: y.l.wu@exeter.ac.uk; H.-N. Dai, Macau University of Science and Technology, Macau; email: hndai@ieee.org; D. Wu, Norwegian University of Science and Technology, Postboks 1517, 6025 Ålesund, Norway; email: di.wu@ntnu.no. Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than ACM must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from permissions@acm.org. © 2021 Association for Computing Machinery. 1533-5399/2021/03-ART43 $15.00 https://doi.org/10.1145/3409771

Publisher Copyright:
© 2021 Association for Computing Machinery.

Keywords

  • blockchain
  • Distributed energy market
  • minimum cut maximum flow
  • predictive analytics
  • smart contract

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