Abstract
With the rapid growth of renewable energy resources, energy trading has been shifting from the centralized manner to distributed manner. Blockchain, as a distributed public ledger technology, has been widely adopted in the design of new energy trading schemes. However, there are many challenging issues in blockchain-based energy trading, e.g., low efficiency, high transaction cost, and security and privacy issues. To tackle these challenges, many solutions have been proposed. In this survey, the blockchain-based energy trading in the electrical power system is thoroughly investigated. Firstly, the challenges in blockchain-based energy trading are identified and summarized. Then, the existing energy trading schemes are studied and classified into three categories based on their main focuses: energy transaction, consensus mechanism, and system optimization. Blockchain-based energy trading has been a popular research topic, new blockchain architectures, models and products are continually emerging to overcome the limitations of existing solutions, forming a virtuous circle. The internal combination of different blockchain types and the combination of blockchain with other technologies improve the blockchain-based energy trading system to better satisfy the practical requirements of modern power systems. However, there are still some problems to be solved, for example, the lack of regulatory system, environmental challenges and so on. In the future, we will strive for a better optimized structure and establish a comprehensive security assessment model for blockchain-based energy trading system.
Highlights
Energy crisis and environmental pollution have become two critical concerns in the last decade [1].The smart grid with renewable energy resources is a promising approach to alleviate these problems, and its implementation can be facilitated by microgrids
Consensus mechanism, we mainly summarize the consensus algorithms used by the nodes to reach a consensus to accept the block, such as Proof-of-Work (PoW) that is used by Bitcoin [14], Proof-of-Stake (PoS) that is applied in Ethereum, Practical Byzantine Fault Tolerant (PBFT)
PBFT is suitable for small networks, consortium blockchain or private blockchain.Because the consensus process requires three rounds of voting and each of which is broadcast, each node needs to know the identity of every other node in the network
Summary
Energy crisis and environmental pollution have become two critical concerns in the last decade [1]. Before formally attempting to combine blockchain with the energy trading model, some researchers first studied the application of distributed systems to the energy market. The distributed system can provide high-precision demand response signals [32], reduce cost and improve speed [33] It solves the problem of system scalability and mobility, and creates a competitive market that benefits small-scale prosumers [34]. The authors of [35] addressed the case in which two microgrids isolated from the main grid exchange energy in a P2P manner; both a centralized solution and a distributed solution are proposed to minimize the cost of power generation and transportation. The existing blockchain-based energy trading schemes and applications are evaluated, and the discussion of the potential future research directions are given in this paper.
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