Abstract
A novel Peer-to-peer (P2P) energy trading scheme for a Virtual Power Plant (VPP) is proposed by using Smart Contracts on Ethereum Blockchain Platform. The P2P energy trading is the recent trend the power society is keen to adopt carrying out several trial projects as it eases to generate and share the renewable energy sources in a distributed manner inside local community. Blockchain and smart contracts are the up-and-coming phenomena in the scene of the information technology used to be considered as the cutting-edge research topics in power systems. Earlier works on P2P energy trading including and excluding blockchain technology were focused mainly on the optimization algorithm, Information and Communication Technology, and Internet of Things. Therefore, the financial aspects of P2P trading in a VPP framework is focused and in that regard a P2P energy trading mechanism and bidding platform are developed. The proposed scheme is based on public blockchain network and auction is operated by smart contract addressing both cost and security concerns. The smart contract implementation and execution in a VPP framework including bidding, withdrawal, and control modules developments are the salient feature of this work. The proposed architecture is validated using realistic data with the Ethereum Virtual Machine (EVM) environment of Ropsten Test Network.
Highlights
In private or consortium blockchains, [56], centrality can increase and organizations, aggregators or selected set of nodes determine the consensus that becomes permissioned, which contradicts inherent features of a truly decentralized blockchain [33]. This trade-off is mostly considered in the privacy area, it is very important that the structure of smart contracts are simple and do not have unnecessary functions in order to avoid cyber security vulnerabilities and financial frauds previously seen in these networks [57]
The yellow curve shows the gap between the total production and total load at a specific time, and the blue curve is the Energy Storage Systems (ESSs)-aided version of the yellow curve in the Virtual Power Plant (VPP) in 24 hours
A public blockchain, unlikely to other applications, is implemented, algorithmic steps are generated, and the usage schemes are discussed in detail
Summary
Distributed generation is electricity production from variety of distributed energy resources (DER) such as rooftop. When a new auction request is submitted, P2P_ETC will adjust the parameters for the smart contract which is already deployed With this approach, it is possible to avoid the deployment gas cost, but it may cause security risks due to the transparent background of the blockchain network. In private or consortium blockchains, [56], centrality can increase and organizations, aggregators or selected set of nodes determine the consensus that becomes permissioned, which contradicts inherent features of a truly decentralized blockchain [33] This trade-off is mostly considered in the privacy area, it is very important that the structure of smart contracts are simple and do not have unnecessary functions in order to avoid cyber security vulnerabilities and financial frauds previously seen in these networks [57]. Different characteristics of participants will be analyzed as future work with game-theoretical approaches
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