Skip to main content
Disciplines
Automotive Business IT + Informatics Construction + Real Estate Electrical Engineering + Electronics Energy + Sustainability Insurance + Risk Finance + Banking Management + Leadership Marketing + Sales Mechanical Engineering + Materials
Events
DE
EN
Books
Journals
Topic Page
Marketing
Start single access now
Access for companies
EXTENDED SEARCH
Log in
Top
Published in:
Direct and Reverse Rewriting in Data Interoperability Read chapter Read first chapter

2019 | OriginalPaper | Chapter

A Block-Free Distributed Ledger for P2P Energy Trading: Case with IOTA?

Authors : Joon Park, Ruzanna Chitchyan, Anastasia Angelopoulou, Jordan Murkin

Published in: Advanced Information Systems Engineering

Publisher: Springer International Publishing

Log in

Activate our intelligent search to find suitable subject content or patents.

search-config
loading …

Abstract

Across the world, the organisation and operation of the electricity markets is quickly changing, moving towards decentralised, distributed, renewables-based generation with real-time data exchange-based solutions. In order to support this change, blockchain-based distributed ledgers have been proposed for implementation of peer-to-peer energy trading platform. However, blockchain solutions suffer from scalability problems as well as from delays in transaction confirmation. This paper explores the feasibility of using IOTA’s DAG-based block-free distributed ledger for implementation of energy trading platforms. Our agent-based simulation research demonstrates that an IOTA-like DAG-based solution could overcome the constraints that blockchains face in the energy market. However, to be usable for peer-to-peer energy trading, even DAG-based platforms need to consider specificities of energy trading markets (such as structured trading periods and assured confirmation of transactions for every completed period).

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

Springer Professional "Technik"

Online-Abonnement

Mit Springer Professional "Technik" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 390 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Maschinenbau + Werkstoffe




 

Jetzt Wissensvorsprung sichern!

inform now

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

inform now
previous chapter Exhaustive Simulation and Test Generation Using fUML Activity Diagrams
next chapter Profile Reconciliation Through Dynamic Activities Across Social Networks
Footnotes
1
Currently in the UK the excess generation must be sold back to the utility provider at a set rate (the so called “feed in tariff” set by the UK government). However, for many types of household generation this scheme will cease as of March 31 2019.
 
2
Please note: each locality remains interconnected with the grid, the energy costs will still include grid connection and maintenance charges. This is because the households wish to be insured against the intermittency of the renewables-based generation, and the grid provides such insurance and balancing services.
 
3
Note: in case of the energy sector such a coordinator may be acceptable, if run by the energy regulator providing governance to the system.
 
4
The details of the matching algorithm are not the focus of this study. The base algorithm is given in [23], though this study uses an extended version.
 
6
While this study considers buy/sell requests published at period (t) for period (t+1), further periods (e.g., t+10, as different markets) can also be studied with this model.
 
7
Specific implementations of the trading algorithms could vary the transaction release rate. For instance, when the ranked order algorithm is applied in trade matching, the matching is carried out in several cycles, and trades are agreed and released into the ledger in groups [23]. In this case, the following discussion relates to a single group release.
 
8
As we focus on the shape of the ledger not transaction content, figure readability is not strictly necessary. Yet, if need be, the figures can be accessed via: https://​jmp.​sh/​WNkIbZp.
 
Literature
1.
Zhang, C., Wu, J., Long, C., Cheng, M.: Review of existing peer-to-peer energy trading projects. Energy Procedia 105, 2563–2568 (2017)CrossRef
2.
3.
Burger, C., Kuhlmann, A., Richard, P., Weinmann, J.: Blockchain in the energy transition a survey among decision makers in the German energy industry (2016)
4.
5.
Stojkoska, B.L.R., Trivodaliev, K.V.: A review of Internet of Things for smart home: challenges and solutions. J. Clean Prod. 140, 1454–64 (2017)CrossRef
6.
Christidis, K., Devetsikiotis, M.: Blockchains and smart contracts for the IoTs. IEEE Access 4, 2292–2303 (2016)CrossRef
7.
Chitchyan, R., Murkin, J.: Review of blockchain technology and its expectations: case of the energy sector. arXiv preprint arXiv:​1803.​03567 (2018)
8.
Andoni, M., et al.: Blockchain technology in the energy sector: a systematic review of challenges and opportunities. Renew. Sustain. Energy Rev. 100, 143–174 (2019)CrossRef
9.
Mengelkamp, E., et al.: A blockchain-based smart grid: towards sustainable local energy markets. Comput. Sci.-Res. Dev. 33, 207–214 (2018)CrossRef
10.
Murkin, J., Chitchyan, R., Byrne, A.: Enabling peer-to peer electricity trading. In: 4th International Conference on ICT for Sustainability, pp. 234–235 (2016)
11.
Pop, C., et al.: Blockchain based decentralized management of demand response programs in smart energy grids. Sensors 18(1), 162 (2018)CrossRef
12.
Oh, S.-C., et al.: Implementation of blockchain-based energy trading system. Asia Pac. J. Innov. Entrepreneurship 11(3), 322–334 (2017)CrossRef
13.
Mihaylov, M., et al.: NRG-X-change-a novel mechanism for trading of renewable energy in smart grids. In: Smartgreens, pp. 101–106 (2014)
14.
Mannaro, K., Pinna, A., Marchesi, M.: Crypto-trading: blockchain-oriented energy market. In: AEIT International Annual Conference, pp. 1–5. IEEE (2017)
15.
16.
17.
18.
Buterin, V.: Ethereum white paper. GitHub repository, pp. 22–23 (2013)
19.
20.
21.
Macal, C.M., North, M.J.: Tutorial on agent-based modelling and simulation. J. Simul. 4(3), 151–162 (2010)CrossRef
22.
Macal, C.M., North, M.J.: Agent-based modeling and simulation: ABMS examples. In: Proceedings of 40th Conference on Winter Simulation, pp. 101–112 (2008)
23.
24.
25.
26.
27.
Siim, J.: DAG-Based Distributed Ledgers (2018)
28.
29.
Metadata
Title
A Block-Free Distributed Ledger for P2P Energy Trading: Case with IOTA?
Authors
Joon Park
Ruzanna Chitchyan
Anastasia Angelopoulou
Jordan Murkin
Copyright Year
2019
Book
Advanced Information Systems Engineering

Print ISBN: 978-3-030-21289-6

Electronic ISBN: 978-3-030-21290-2

Copyright Year: 2019

DOI
https://doi.org/10.1007/978-3-030-21290-2_8

Premium Partner

    Image Credits