Joint Operation Mechanism of Distributed Photovoltaic Power Generation Market and Carbon Market Based on Cross-Chain Trading Technology

The rise of blockchain technology has injected new vitality into the energy market. At present, blockchain projects for distributed photovoltaic power generation and carbon trading are rapidly emerging, but due to the barrier of two markets and the independent operation of such projects in two chain...

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Bibliographic Details
Published in:IEEE access 2020, Vol.8, p.66116-66130
Main Authors: He, Houyu, Luo, Zhao, Wang, Qian, Chen, Maoxin, He, Huaqin, Gao, Lingjun, Zhang, Haixiang
Format: Article
Language:English
Subjects:
Anchoring
Blockchain
Carbon
Carbon dioxide
carbon market
cross-chain transaction
Cryptography
Digital currencies
Distributed generation
Distributed photovoltaic power generation market
Electric power distribution
Emissions trading
Market value
Photovoltaic cells
Photovoltaic systems
Power markets
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Summary:The rise of blockchain technology has injected new vitality into the energy market. At present, blockchain projects for distributed photovoltaic power generation and carbon trading are rapidly emerging, but due to the barrier of two markets and the independent operation of such projects in two chains, the two market values cannot be two-way circulation, which is not conducive to the expansion of power trading business and the scale of carbon market. This paper proposed a joint operation mechanism of cross-chain trading, combined distributed photovoltaic power generation market and the carbon market by the blockchain technology. The novelty is to construct two chains which includes the mainchain and sidechain that enables the two markets to share data and circulate value, and to design a two-way anchoring method that achieves equating between carbon trading and electricity trading by cryptocurrency. The simulation studies took the improved IEEE 33 system as an example to simulate transactions on the Ethereum platform, and technically verify the feasibility of cross-chain transactions in these two markets, and use Ether as the settlement currency.
ISSN:2169-3536
2169-3536
DOI:10.1109/ACCESS.2020.2985577