Abstract
Advanced smart grid technologies enable energy prosumers to trade surplus energy from their distributed renewable energy sources with other peer prosumers through peer-to-peer (P2P) energy trading. In many previous works, P2P energy trading was facilitated by blockchain technology through blockchain’s distributive nature and capacity to run smart contracts. However, the feature that all the data and transactions on a blockchain are visible to all blockchain nodes may significantly threaten the privacy of the parties participating in P2P energy trading. There are many previous works that have attempted to mitigate this problem. However, all these works focused on the anonymity of participants but did not protect the data and transactions. To address this issue, we propose a P2P energy trading system on a blockchain where all bids are encrypted and peer matching is performed on the encrypted bids by a functional encryption-based smart contract. The system guarantees that the information encoded in the encrypted bids is protected, but the peer matching transactions are performed by the nodes in a publicly verifiable manner through smart contracts. We verify the feasibility of the proposed system by implementing a prototype composed of smart meters, a distribution system operator (DSO) server, and private Ethereum blockchain.
Highlights
Distributed renewable energy sources, such as solar panels and wind turbines, are drastically changing the way electricity is generated and consumed [1,2]
Ethereum blockchain, where all bids are encrypted and peer matching is performed on the encrypted bids by a functional encryption (FE)-based smart contract
The system guarantees that the information encoded in the encrypted bids is protected from blockchain nodes, the peer matching transactions are performed by the nodes in a publicly verifiable manner through smart contracts
Summary
Distributed renewable energy sources, such as solar panels and wind turbines, are drastically changing the way electricity is generated and consumed [1,2]. P2P energy trading is being facilitated by blockchain technology through blockchain’s distributive nature and capacity to run smart contracts [3,4]. Even if a private/permissioned blockchain is used, as in many previous works in relevant literature [3,4,7], every node participating in the blockchain will learn confidential information about the company To address these issues, we aimed at achieving two main goals that, at a first glance, may seem to conflict with each other: transparency of the peer matching procedure and confidentiality of the matching information. We aimed at achieving two main goals that, at a first glance, may seem to conflict with each other: transparency of the peer matching procedure and confidentiality of the matching information For this purpose, we proposed a P2P energy trading system on a private. A part of this paper appeared at [8]
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