Abstract
Renewable energy microgeneration is rising leading to creation of prosumer communities making it possible to extract value from surplus energy and usage flexibility. Such a peer-to-peer energy trading community requires a decentralized, immutable and access-controlled transaction system for tokenized energy assets. In this study we present a unified blockchain-based system for energy asset transactions among prosumers, electric vehicles, power companies and storage providers. Two versions of the system were implemented on Hyperledger Fabric. Assets encapsulating an identifier or unique information along with value are modelled as non-fungible tokens (NFT), while those representing value only are modelled as fungible tokens (FT). We developed the associated algorithms for token lifecycle management, analyzed their complexities and encoded them in smart contracts for performance testing. The results show that performance of both implementations are comparable for most major operations. Further, we presented a detailed comparison of FT and NFT implementations based on use-case, design, performance, advantages and disadvantages. Our implementation achieved a throughput of 448.3 transactions per second for the slowest operation (transfer) with a reasonably low infrastructure.
Highlights
Renewable energy, especially solar energy is being increasingly integrated into the energy grid as photo voltaic installations continue to mushroom in residential contexts.This rise in adoption is fuelled partly by financial incentives like government programs and monetary benefits of local energy production [1] and in part by rising environmental awareness [2]
Community level energy storage can facilitate energy transactions as energy can be supplied from the seller to the buyer via this storage, reducing the need for wired connections between all the members of the community
One Virtual Machines (VM) is dedicated to running the Hyperledger Caliper and another VM runs the Ordering Service which is implemented as a separate Orderer Organization
Summary
Especially solar energy is being increasingly integrated into the energy grid as photo voltaic installations continue to mushroom in residential contexts.This rise in adoption is fuelled partly by financial incentives like government programs and monetary benefits of local energy production [1] and in part by rising environmental awareness [2]. Several prosumers, when collocated give rise to prosumer communities or microgrids [4] and can create a local market for sale and purchase of surplus renewable energy This creates a scenario for peer to peer energy transactions. Energy Storage as a service [8] is a burgeoning new business that takes over the logistics of setting up and maintaining a large scale storage facility and offers storage credits to the users for purchase. Such an arrangement can offer significant economic benefits [9]. EV batteries, when not in use can be rented out to the community level storage provider to add to the storage capacity
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