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Peer-to-peer (P2P) energy trading allows prosumers to trade energy directly without intermediaries. To provide a payment system and record transaction information, public blockchain is designed to match the decentralized feature of the P2P market. The incentive for nodes outside the microgrid is removed but it is maintained for the prosumers within...
Contexts in source publication
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... means that there is no central agent. The whole structure of the PoS blockchain-based P2P energy trading is illustrated in Figure 1. ...
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... traders' privacy is protected as the specific identity behind the address is unknown. The information of a block with its transactions is shown in Figure 10 where the block shown contains 19 transactions with their respective smart contract creation (known as contract internal transactions in Figure 10). ...
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... traders' privacy is protected as the specific identity behind the address is unknown. The information of a block with its transactions is shown in Figure 10 where the block shown contains 19 transactions with their respective smart contract creation (known as contract internal transactions in Figure 10). ...
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... respective welfare of producers and consumers by using the proposed method compared with traditional PAG trading is shown in Figure 11 and Figure 12. Finally, the welfare of all prosumer types by using the proposed PoS blockchain-based pricing scheme is shown in Figure 13. ...
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... respective welfare of producers and consumers by using the proposed method compared with traditional PAG trading is shown in Figure 11 and Figure 12. Finally, the welfare of all prosumer types by using the proposed PoS blockchain-based pricing scheme is shown in Figure 13. ...
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... respective welfare of producers and consumers by using the proposed method compared with traditional PAG trading is shown in Figure 11 and Figure 12. Finally, the welfare of all prosumer types by using the proposed PoS blockchain-based pricing scheme is shown in Figure 13. ...
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... producers and consumers improve their welfare from the proposed method according to Figure 11 and Figure 12. During the early hours (7 am to 9 am), the welfare of consumers is equivalent to or even slightly lower than the welfare they obtain from the PAG trading. ...
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... producers and consumers improve their welfare from the proposed method according to Figure 11 and Figure 12. During the early hours (7 am to 9 am), the welfare of consumers is equivalent to or even slightly lower than the welfare they obtain from the PAG trading. ...
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... the early hours (7 am to 9 am), the welfare of consumers is equivalent to or even slightly lower than the welfare they obtain from the PAG trading. It is because consumers' load demand is satisfied mostly by PAG trading as prosumers' generation capability is relatively lower during those time slots.This From Figure 13, compared with another two types of participants, the consumers are more sensitive to the proposed method as their welfare value fluctuates most in different time slots and they also benefit most from the pricing scheme. The welfare value of miners is always positive, thereby being a strong incentive for them to keep extending the PoS based blockchain system. ...
Context 10
... means that there is no central agent. The whole structure of the PoS blockchain-based P2P energy trading is illustrated in Figure 1. ...
Context 11
... traders' privacy is protected as the specific identity behind the address is unknown. The information of a block with its transactions is shown in Figure 10 where the block shown contains 19 transactions with their respective smart contract creation (known as contract internal transactions in Figure 10). ...
Context 12
... traders' privacy is protected as the specific identity behind the address is unknown. The information of a block with its transactions is shown in Figure 10 where the block shown contains 19 transactions with their respective smart contract creation (known as contract internal transactions in Figure 10). ...
Context 13
... respective welfare of producers and consumers by using the proposed method compared with traditional PAG trading is shown in Figure 11 and Figure 12. Finally, the welfare of all prosumer types by using the proposed PoS blockchain-based pricing scheme is shown in Figure 13. ...
Context 14
... respective welfare of producers and consumers by using the proposed method compared with traditional PAG trading is shown in Figure 11 and Figure 12. Finally, the welfare of all prosumer types by using the proposed PoS blockchain-based pricing scheme is shown in Figure 13. ...
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... respective welfare of producers and consumers by using the proposed method compared with traditional PAG trading is shown in Figure 11 and Figure 12. Finally, the welfare of all prosumer types by using the proposed PoS blockchain-based pricing scheme is shown in Figure 13. ...
Context 16
... producers and consumers improve their welfare from the proposed method according to Figure 11 and Figure 12. During the early hours (7 am to 9 am), the welfare of consumers is equivalent to or even slightly lower than the welfare they obtain from the PAG trading. ...
Context 17
... producers and consumers improve their welfare from the proposed method according to Figure 11 and Figure 12. During the early hours (7 am to 9 am), the welfare of consumers is equivalent to or even slightly lower than the welfare they obtain from the PAG trading. ...
Context 18
... the early hours (7 am to 9 am), the welfare of consumers is equivalent to or even slightly lower than the welfare they obtain from the PAG trading. It is because consumers' load demand is satisfied mostly by PAG trading as prosumers' generation capability is relatively lower during those time slots.This From Figure 13, compared with another two types of participants, the consumers are more sensitive to the proposed method as their welfare value fluctuates most in different time slots and they also benefit most from the pricing scheme. The welfare value of miners is always positive, thereby being a strong incentive for them to keep extending the PoS based blockchain system. ...
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Distributed energy resources are being progressively deployed by industry. The penetration of distributed generation in low voltage (LV) networks can position traditional consumers as market participants. With the improvements in communication networks and the introduction of new energy markets, these prosumers are incentivized to sell their excess...
Citations
... In recent years, blockchain-based P2P-ET solutions have been extensively studied from various focused perspectives. These include security and privacy [8,9], performance [10,11], system modeling, design and development [12][13][14][15][16][17][18][19][20][21][22], and resolving challenges in specific application scenarios [23][24][25][26][27]. ...
... AlSkaif et al. [15] proposed two strategies, i.e., supply-demand matching and distance-based matching, to implement bilateral trading coefficients in a blockchain-based P2P energy market. Yang et al. [16] used a PoS public blockchain to design a pricing scheme for the P2P-ET market. Mehdinejad et al. [20] created and modeled a completely decentralized P2P energy token market for small-scale producers and consumers within a smart grid context, employing blockchain technology alongside demand response (DR) programs and demurrage mechanisms. ...
Recent years have witnessed a significant dispersion of renewable energy and the emergence of blockchain-enabled transactive energy systems. These systems facilitate direct energy trading among participants, cutting transmission losses, improving energy efficiency, and fostering renewable energy adoption. However, developing such a system is usually challenging and time-consuming due to the diversity of energy markets. The lack of a market-agnostic design hampers the widespread adoption of blockchain-based peer-to-peer energy trading globally. In this paper, we propose and develop a novel unified blockchain-based peer-to-peer energy trading framework, called BPET. This framework incorporates microservices and blockchain as the infrastructures and adopts a highly modular smart contract design so that developers can easily extend it by plugging in localized energy market rules and rapidly developing a customized blockchain-based peer-to-peer energy trading system. Additionally, we have developed the price formation mechanisms, e.g., the system marginal price calculation algorithm and the pool price calculation algorithm, to demonstrate the extensibility of the BPET framework. To validate the proposed solution, we have conducted a comprehensive case study using real trading data from the Alberta Electric System Operator. The experimental results confirm the system’s capability of processing energy trading transactions efficiently and effectively within the Alberta electricity wholesale market.
... In contrast to previous bidding systems, this one allows agents to take an active role and establish a participatory local market. A learning-based peer is employed, in accordance with [190], to assure successful bargaining, improve the quality of contracts, and lessen the likelihood of bargaining rejection. In intelligent negotiation agent Additionally, creating an "intelligent negotiation agent" is suggested in [191] to use learning skills during bid judgments' establishment of real-time resolution systems and intelligent agreements that guarantee payments only take place when power is safely transmitted to consumers is suggested [192]. ...
The home energy management (HEM) sector is going through an enormous change that includes important elements like incorporating green power, enhancing efficiency through forecasting and scheduling optimization techniques, employing smart grid infrastructure, and regulating the dynamics of optimal energy trading. As a result, ecosystem players need to clarify their roles, develop effective regulatory structures, and experiment with new business models. Peer-to-Peer (P2P) energy trading seems to be one of the viable options in these conditions, where consumers can sell/buy electricity to/from other users prior to totally depending on the utility. P2P energy trading enables the exchange of energy between consumers and prosumers, thus provide a more robust platform for energy trading. This strategy decentralizes the energy market more than it did previously, opening up new possibilities for improving energy trade between customers and utility. Considering above scenarios, this research provides an extensive insight of P2P energy trading structure, procedure, market design, trading platform, pricing mechanism, P2P approaches, forecasting techniques, scheduling topologies and possible futuristic techniques, while examining their characteristics, pros and cons with the primary goal of determining whichever approach is most appropriate in a given situation for P2P HEMs. Moreover, an optimal and robust P2P HEMs load scheduling framework simulation model is also proposed to analyze the P2P HEMs network critically, thus paving futuristic technical research directions for the scientific researchers. With this cooperation, a new age of technological advancements ushering in a more intelligent, more interconnected, and reactive urban environment are brought to life. In this sense, the path to smart living entails reinventing the urban environment as well as how people interact with and perceive their dwellings in the larger framework of a smart city. Finally, this research work also provides a comprehensive overview of technical challenges in P2P HEMs in terms of load forecasting and scheduling strategies, their possible solutions, and future prospects.
... Facilities' capacities and constraints are tabulated in Table 3.1 [60,61]. Also, the PV units' operation and investment costs are shown in Table 3.2 [62]. 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Table 3.3 Outputs of optimal operation of centralized P2P trading ...
Sustainable energy system requires novel technologies for a low-carbon transition. This chapter presents a detailed economic analysis for a centralized green hydrogen (GH2) power system, as well as this chapter presents an overview of the rising need for clean and renewable energy solutions, stressing the limits of traditional power systems as well as the environmental concerns they cause. To improve the performance of the presented model, the system integrates hydrogen storage, which consists of an electrolyzer and a fuel cell. It highlights the importance of hydrogen as a flexible energy carrier capable of integration of intermittent renewable energy sources. This chapter also applies an optimum coalition technique. In addition, the integration of renewable energy sources, energy storage, and hydrogen-powered cars is being investigated. This chapter is designed based on the centralized GH2 power system and peer-to-peer (P2P) energy trading market. In this method, a system operator tries to reduce the overall cost of the microgrid. In this way, P2P energy trading infrastructure and energy storage technologies facilitate and increase the flexibility in this local system. The optimal coalition technique encourages cooperation across many peers inside the system. Some of these peers have renewable energy sources and energy storage systems, which allows for more efficient resource sharing. The advantages of this strategy are discussed, including cost-effectiveness and improved renewable energy integration. The results show the potential for low-cost, which will aid in the transition to a low-carbon future.
... Utilizing a continuous double auction mechanism, this approach aims to achieve fair and free trading between nodes while effectively improving energy utilization. Another proposal, discussed in Yang et al. [10], presented a PoS-based public blockchain peer-to-peer energy trading model. This model enhances producer revenue and consumer cost savings, eliminates price gaps, and reduces mining difficulty and energy consumption. ...
... The improved adaptive particle swarm algorithm is used to solve Eqs. (10) and (11) within the MA and MG. In the game process, the pursuit of a globally optimal solution is achieved, thus the optimal utility of {MG}∪{MA} is used as the objective function for experimental analysis. ...
... The literature [9] and [15] provided a solution based on blockchain technology, but they do not choose a suitable transaction method, such as smart contracts, which not only makes the transaction system lack a certain degree of flexibility and security, but also prevents further reduction of transaction costs. The literature [10] used a suitable auction method but does not introduce an aggregator mechanism on top of it, which prevents the integration of multiple decentralized microgrid systems into a whole with the participation of multiple consumers, thus allowing for unified management and improved economic efficiency. In addition, literature [9,10] and [15] did not use a game mechanism, making it impossible to maximize the benefits of both sides of the energy auction. ...
As the current global environment is deteriorating, distributed renewable energy is gradually becoming an important member of the energy internet. Blockchain, as a decentralized distributed ledger with decentralization, traceability and tamper-proof features, is an important way to achieve efficient consumption and multi-party supply of new energy. In this article, we establish a blockchain-based mathematical model of multiple microgrids and microgrid aggregators’ revenue, consider the degree of microgrid users’ preference for electricity thus increasing users’ reliance on the blockchain market, and apply the one-master-multiple-slave Stackelberg game theory to solve the energy dispatching strategy when each market entity pursues the maximum revenue. The simulation results show that the blockchain-based dynamic game of the multi-microgrid market can effectively increase the revenue of both microgrids and aggregators and improve the utilization of renewable energy.
... Each distributed energy producer in the grid can either act as a verifier of energy transactions or become the next valid block miner, and each verifier holds a certain stake. The authors of [33] proposed that by using PoS in P2P energy trading, miners sacrifice part of their stake to compensate for power losses and narrow the price gap in traditional prosumer-to-grid trading. In addition, the proposed model also improves the income of producers and saves the cost of consumers through the designed pricing mechanism, which is helpful to increase the social welfare. ...
In the electricity market, prosumers are becoming more and more prevalent due to the fast development of distributed energy resources and demand response management, which also promote the appearance of peer-to-peer (P2P) trading mechanisms for energy. Optimization-based methods are efficient tools to design the P2P energy trading negotiation mechanism. However, the main drawback for market mechanisms based on optimization methods is that the incentive compatibility cannot be satisfied, which means participants can obtain more profit by providing untruthful biddings. To overcome this challenge, a novel consensus mechanism based on Proof of Solution (PoSo) is proposed for P2P energy trading. The optimization results will be verified by neighboring agents according to the KKT conditions in a fully decentralized and symmetric manner, which means agents will check each other’s solutions. However, the verification process may leak the private information of agents, and a privacy-preserving consensus mechanism is designed using Shamir’s secret sharing method. After that, we explore a method to realize that trusted agents can recover the right information even under the misbehavior of malicious agents by inheriting the philosophy of Practical Byzantine Fault Tolerance (PBFT). The numerical results demonstrate the effectiveness and efficiency of our proposed consensus mechanisms. In more detail, (1) when the message delivery success rate is not lower than 0.7, the consensus mechanisms almost guarantee success; (2) if the proportion of untrusted agents satisfies 4f+1≤Nωn, the proposed method guarantees the correctness of the consensus verification results; (3) the communication times among agents can be highly reduced by more than 60% by only verifying the optimality of the received results for the first three and last few iterations.
... Researchers often choose Ethereum as the preferred blockchain platform for implementing energy trading systems. J. Yang et al. [20], a group of Singaporean and Canadian scientists, compared Hyperledger Fabric and Ethereum in their research to determine the suitability of public blockchains for the P2P energy market. They concluded that while Hyperledger Fabric has its advantages, its structure is less applicable for decentralized P2P trading platforms. ...
... In order to reduce the computational effort of target contour corner point detection and improve the efficiency of corner point detection, the target location of the remote sensing image is first determined and the target boundary is sampled and processed. The key points on the target boundary are selected to represent the boundary, however, the target contour is not a regular graph, so the curvature of the edge contour needs to be calculated to derive the corner point detection results [28]. The smoothing of the target boundary in the remote sensing image is achieved using the filter no, followed by the calculation of the curvature on the target contour curve using the following equation. ...
The characteristics of blockchain such as tamper-evident and distributed can effectively solve the increasingly prominent security and privacy issues in engineering pavilions, however, the current throughput of mainstream blockchain platforms is far from meeting the demand for rapid chain-up of massive data in engineering pavilions, and the high redundancy storage mechanism adopted by traditional blockchain cannot be applied to engineering pavilion scenarios. To address the above problems, based on vectorized image processing technology, a hierarchical blockchain architecture is first proposed to store block data in multiple distributed cloud servers and edge servers in a hierarchical manner to cope with the growing data volume in the industrial Internet. Then based on the topology between edge servers, a blockchain network slicing algorithm is designed based on an improved complex network association partitioning algorithm, which improves the blockchain network throughput while shortening the slicing time. Finally, the impact of block broadcast time on throughput is demonstrated by formalizing the block broadcast process as a spanning tree, based on which a spanning tree-based intra-slice master node selection algorithm is proposed to further improve the throughput of the blockchain network. The analysis and experimental results show that the proposed scheme effectively reduces the partitioning time of the blockchain network and the broadcast time of the blocks within each partition. Compared with the classical association partitioning algorithm, this paper's partitioning algorithm can reduce the partitioning time by about 36% without sacrificing the quality of partitioning when partitioning a large-scale network.
... Our model mostly reflects the The way in which DRIFE and RideNode operate, that is, the platform acts as an information center and leaves pricing (in tokens) and matching to the users. Moreover, we consider a public blockchain to meet the fully decentralized requirement in a peer-to-peer market (Yang et al., 2021). We summarize in Table 2 the notation we use throughout the paper. ...
The rapid development of blockchain has inspired many traditional centralized intermediaries to transform their transaction models, especially for the peer‐to‐peer market. Lately, the token‐based (blockchain) system (with cryptocurrency) is gaining popularity. However, little is known about the (comparative) performance of different operating types. In this study, we build an analytical framework to find the optimal strategies for the token‐based and nontoken‐based blockchain (as a special application scenario) platforms and derive the essential model properties and characteristics. We analytically show how the optimal mining bonus depends on the fraction of reserved tokens sold to customers and on the price‐to‐sales ratio. Furthermore, we obtain several actionable findings for choosing suitable platform types under different scenarios. The shift from the nontoken‐based platform to the token‐based platform may yield greater social welfare unless the nontoken‐based system operates with a much larger ride price, which we show to be unrealistic for the considered Beijing case through numerical studies. Moreover, we find that the matching probability for the token‐based platform is predominantly higher than that for the nontoken‐based one. Besides, government interventions may encourage a path toward a fair consensus mechanism or a high decentralization level in order to enhance social welfare. One unanticipated finding is that a higher decentralization level may lead to a lower mining capacity shortage and so to a more efficient system, indicating that the combination of blockchain and the sharing economy has much potential.
... Government across the globe have developed policies to aid in effective functioning of a blockchain based economy [27]. Although a lot of work needs to be done to regulate cryptocurrency and digital exchanges over a blockchain based network which is decentralized, the future looks promising [45]. Therefore, tourists can use the metaverse to conduct transactions to avail services similar to real world. ...
Recently, there is an upsurge in tourism and hospitality sector using the VR technology with major players like Airbnb and Hilton using it as an instrument of advertisement. Blockchain based networks have opened newer avenues for electronic business and authentication and identity modeling. The article attempts to elucidate how blockchain and metaverse will transform the travel and tourism—and enlist the facilitators and inhibitors of this paradigm change. The article will also shed light on supporting technologies in metaverse and how it will extend the space of virtual tourism.
... Indeed, scalability, interoperability, system performance and calculation time are still the main topics debated by both professionals and academics to ensure the correctness of transactions [14]. Yu et al. [15] have recently developed a new dual-BCT system for P2P energy trading to reduce timeconsuming calculations because smart contracts are mainly created for simple calculations and cannot address large interactive computation deriving from complex energy price schemes [102]. The first BCT stores the data of P2P transactions while the second BCT performs the compute-intensive tasks in order to execute P2P energy transactions in a computational efficient manner. ...
Blockchain technology (BCT) enables the automated execution of smart contracts in peerto-peer (P2P) energy trading. BCT-based P2P platforms allow the sharing, exchange and trade of energy among consumers or prosumers as peers, fostering the decarbonization, decentralization and digitalization of the energy industry. On the other hand, BCT-based P2P energy trading relies on the collection, storage and processing of a large amount of user data, posing interdisciplinarynchallenges, including user anonymity, privacy, the governance of BCT systems and the role of energy market players. First, this paper seeks to review the state of the art of European data protection law and regulations by focusing on BCT compliance with the General Data Protection Regulation (GDPR) of 2018. Second, it explores both the potentials and the challenges of BCT-based P2P energy trading from a legal– economic perspective. To do so, the paper adopts an interdisciplinary approach which intertwines both law and economics, by reviewing the recent literature on BCT and P2P energy trading. Findings have revealed that the deployment of BCT-based P2P energy trading is still in its pilot stage because of technology immaturity, data protection uncertainty, incomplete disintermediation and the lack of both user awareness and collaboration among market players. Drawing on the review, the paper also proposes a selection of solutions to foster the implementation of BCT-based P2P energy trading.
