Abstract
The growing number of Renewable Energy Sources (RES) in the energy system provides new market approaches according to price and decentralized generation of electricity. Local market, in which consumers and prosumers can trade locally by generation of electricity through RES directly within their community. This approach creates a balance between generation and consumption in a decentralized manner. In this paper, a distributed technology of Blockchain is used, which highlights the decentralized nature of local market. It provides a decentralized market platform for trading locally without the need of central intermediary through Periodic Double Auction (PDA) mechanism. With the introduction of Smart Grid (SG) systems, there have been improvements in how utility companies interact with customers with regards of electricity usage. However, there is a tendency for the data of users to be compromised in SG. In this proposed system, users are able to do trading through PDA and get access of their own previous history. The blockchain provides transparency, traceability and is utilized to mitigate the above mentioned problems. Smart contacts, are used to exclude the third party to provide a transparent system between users in the network.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Newbery, D., Strbac, G., Viehoff, I.: The benefits of integrating European electricity markets. Energy Policy 94, 253–263 (2016)
Manshadi, S.D., Khodayar, M.E., Abdelghany, K., Uster, H.: Wireless charging of electric vehicles in electricity and transportation networks. IEEE Trans. Smart Grid, to be published. http://ieeexplore.ieee.org/document/7837718/
Andraeand, A.S.G., Edler, T.: On global electricity usage of communication technology: trends to 2030. Challenges 6(1), 117–157 (2015)
Kabalci, Y.: A survey on smart metering and smart grid communication. Renew. Sustain. Energy Rev. 57, 302–318 (2016)
Salahuddin, M., Alam, K.: Information and communication technology, electricity consumption and economic growth in OECD countries: a panel data analysis. Int. J. Elect. Power Energy Syst. 76, 185–193 (2016)
Nakamoto, S.: Bitcoin: a peer-to-peer electronic cash system (2008)
The promise of the blockchain: the trust machine. http://mt.sohu.com/20161021/n470943606.shtml. Accessed 10 May 2019
Yan, Y., Zhao, J.H., Wen, F.S., Chen, X.Y.: Blockchain in energy systems: concept, application and prospect. Electr. Power Constr. 38(2), 12–20 (2017)
Szczerbowski, J.J.: Transaction costs of blockchain smart contracts. Law Forensic Sci. 16, 2 (2018)
Wu, J., Tran, N.: Application of blockchain technology in sustainable energy systems: an overview. Sustainability 10(9), 3067 (2018)
Sikorski, J.J., Haughton, J., Kraft, M.: Blockchain technology in the chemical industry: machine-to-machine electricity market. Appl. Energy 195, 234–246 (2017)
Gao, J., Asamoah, K.O., Sifah, E.B., Smahi, A., Qi Xia, H., Xia, X.Z., Dong, G.: Gridmonitoring: secured sovereign blockchain based monitoring on smart grid. IEEE Access 6, 9917–9925 (2018)
Luo, F., Dong, Z.Y., Liang, G., Murata, J., Xu, Z.: A distributed electricity trading system in active distribution networks based on multi-agent coalition and blockchain. IEEE Trans. Power Syst. 34, 4097–4108 (2018)
Morstyn, T., Farrell, N., Darby, S.J., McCulloch, M.D.: Using peer-to-peer energy-trading platforms to incentivize prosumers to form federated power plants. Nature Energy 3(2), 94 (2018)
Noor, S., Yang, W., Guo, M., van Dam, K.H., Wang, X.: Energy demand side management within micro-grid networks enhanced by blockchain. Appl. Energy 228, 1385–1398 (2018)
Khaqqi, K.N., Sikorski, J.J., Hadinoto, K., Kraft, M.: Incorporating seller/buyer reputation-based system in blockchain-enabled emission trading application. Appl. Energy 209, 8–19 (2018)
Mengelkamp, E., Gärttner, J., Rock, K., Kessler, S., Orsini, L., Weinhardt, C.: Designing microgrid energy markets: a case study: the Brooklyn microgrid. Appl. Energy 210, 870–880 (2018)
Inayat, K., Hwang, S.O.: Load balancing in decentralized smart grid trade system using blockchain. J. Intell. Fuzzy Syst. 1-11
Pop, C., Cioara, T., Antal, M., Anghel, I., Salomie, I., Bertoncini, M.: Blockchain based decentralized management of demand response programs in smart energy grids. Sensors 18(1), 162 (2018)
Thakur, S., Breslin, J.G.: Peer to peer energy trade among microgrids using blockchain based distributed coalition formation method. Technol. Econ. Smart Grids Sustain. Energy 3(1), 5 (2018)
Green, J., Newman, P.: Citizen utilities: the emerging power paradigm. Energy Policy 105, 283–293 (2017)
Wang, J., Wang, Q., Zhou, N., Chi, Y.: A novel electricity transaction mode of microgrids based on blockchain and continuous double auction. Energies 10(12), 1971 (2017)
Di Silvestre, M.L., Gallo, P., Ippolito, M.G., Sanseverino, E.R., Zizzo, G.: A technical approach to the energy blockchain in microgrids. IEEE Trans. Ind. Inf. 14(11), 4792–4803 (2018)
Samuel, O., Javaid, N., Awais, M., Zeeshan, A., Imran, M., Guizani, M.: A blockchain model for fair data sharing in deregulated smart grids. In: IEEE Global Communications Conference (GLOBCOM 2019) (2019)
Rehman, M., Javaid, N., Awais, M., Imran, M., Naseer, N.: Cloud based secure service providing for IoTs using blockchain. In: IEEE Global Communications Conference (GLOBCOM 2019) (2019)
Ali, I., Javaid, N., Iqbal, S.: An incentive mechanism for secure service provisioning for lightweight clients based on blockchain, MS thesis, COMSATS University Islamabad (CUI), Islamabad, Pakistan, July 2019
Javaid, A., Javaid, N., Imran, M.: Ensuring analyzing and monetization of data using data science and blockchain in loT devices, MS thesis, COMSATS University Islamabad (CUI), Islamabad, Pakistan, July 2019
Naz, M., Javaid, N., Iqbal, S.: Research based data rights management using blockchain over ethereum network, MS thesis, COMSATS University Islamabad (CUI), Islamabad, Pakistan, July 2019
Kazmi, H., Zainab, S., Javaid, N., Imran, M.: Towards energy efficiency and trustfulness in complex networks using data science techniques and blockchain, MS thesis, COMSATS University Islamabad (CUI), Islamabad, Pakistan, July 2019
Khan, R.J.H., Javaid, N., Iqbal, S.: Blockchain based node recovery scheme for wireless sensor networks, MS thesis, COMSATS University Islamabad (CUI), Islamabad, Pakistan, July 2019
Mateen, A., Javaid, N., Iqbal, S.: Towards energy efficient routing in blockchain based underwater WSNs via recovering the void holes, MS thesis, COMSATS University Islamabad (CUI), Islamabad, Pakistan, July 2019
Noshad, Z., Javaid, N., Imran, M.: Analyzing and securing data using data science and blockchain in smart networks, MS thesis, COMSATS University Islamabad (CUI), Islamabad, Pakistan, July 2019
Shakeri, M., Mohsen Shayestegan, S.M., Reza, S., Yahya, I., Badariah Bais, M., Akhtaruzzaman, K.S., Amin, N.: Implementation of a novel home energy management system (HEMS) architecture with solar photovoltaic system as supplementary source. Renew. Energy 125, 108–120 (2018)
Bukhsh, R., Javaid, N., Khan, Z.A., Ishmanov, F., Afzal, M., Wadud, Z.: Towards fast response, reduced processing and balanced load in fog-based data-driven smart grid. Energies 11(12), 3345 (2018)
Liu, Y., Wu, L., Li, J.: Peer-to-peer (P2P) electricity trading in distribution systems of the future. Electr. J. 32, 2–6 (2019)
Park, L., Lee, S., Chang, H.: A sustainable home energy prosumer-chain methodology with energy tags over the blockchain. Sustainability 10(3), 658 (2018)
Mengelkamp, E., Notheisen, B., Beer, C., Dauer, D., Weinhardt, C.: A blockchain-based smart grid: towards sustainable local energy markets. Comput. Sci.-Res. Dev. 33(1–2), 207–214 (2018)
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2020 Springer Nature Switzerland AG
About this paper
Cite this paper
Zahid, M., Ali, I., Khan, R.J.U.H., Noshad, Z., Javaid, A., Javaid, N. (2020). Blockchain Based Balancing of Electricity Demand and Supply. In: Barolli, L., Hellinckx, P., Enokido, T. (eds) Advances on Broad-Band Wireless Computing, Communication and Applications. BWCCA 2019. Lecture Notes in Networks and Systems, vol 97. Springer, Cham. https://doi.org/10.1007/978-3-030-33506-9_17
Download citation
DOI: https://doi.org/10.1007/978-3-030-33506-9_17
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-33505-2
Online ISBN: 978-3-030-33506-9
eBook Packages: EngineeringEngineering (R0)