Abstract
As the technical basis of Bitcoin, block chain has the characteristics of decentralization ， openness and transparency. In order to promote the development of security and openness of power trading system and solve the trust problem among participants in power market，a new research direction of power trading method based on block chain is proposed. Therefore，this paper outlines the block chain，explains the definition and characteristics of block chain in detail，discusses the application of block chain in power trading system，and summarizes the challenges faced by block chain technology in power trading system.
Highlights
Electricity transactions generally include electric power trade, right transmission transactions, and ancillary service transactions
Literature[6] believes that block chain is a decentralized infrastructure and distributed computing paradigm that is an organic combination of important technologies such as encryption algorithms and consensus mechanisms
The block chain has the characteristics of decentralization, transparency, traceability, and system autonomy, for it adopts a series of technical combinations such as cryptography methods, "block + chain" structure, consensus algorithms, and smart contracts[7-9]
Summary
Electricity trading is different from ordinary commodity trading. With the continuous opening of the electricity market, the number of trading entities participating in electricity transactions has gradually increased, and the trading methods and pricing mechanisms of electricity services have become increasingly complex. "Block chain: New Economic Blueprint and Guide" defines it as an open and transparent, decentralized database[5]. This definition clarifies the two most important features of block chain, but it is not clear enough. Literature[6] believes that block chain is a decentralized infrastructure and distributed computing paradigm that is an organic combination of important technologies such as encryption algorithms and consensus mechanisms. This definition fully expresses the uniqueness and innovation of block chain technology as a brand-new decentralized infrastructure and computing paradigm.
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