A blockchain-based smart contract trading mechanism for energy power supply and demand network

To overcome the high cost, high risk and poor efficiency of traditional centralized electric energy trading method, this paper proposes an efficient trading mechanism for energy power supply and demand network (EPSDN) based on blockchain smart contract, considering the opening of the sales side mark...

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Bibliographic Details
Published in:Advances in production engineering & management 2019-09, Vol.14 (3), p.284-296
Main Authors: Hu, W., Hu, Y.W., Yao, W.H., Lu, W.Q., Li, H.H., Lv, Z.W.
Format: Article
Language:English
Subjects:
Automation
Big Data
Blockchain
Consumption
Cryptography
Decision making
Decision theory
Efficiency
Electrical engineering
Energy industry
Markets
Microeconomics
Power plants
Power supplies
Power supply
Queues
R&D
Reference services
Research & development
Supply & demand
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Summary:To overcome the high cost, high risk and poor efficiency of traditional centralized electric energy trading method, this paper proposes an efficient trading mechanism for energy power supply and demand network (EPSDN) based on blockchain smart contract, considering the opening of the sales side market in China. Specifically, the encourage-real-quotation (ERQ) rule was adopted to determine the clearing queue and price, thus smoothing the supply and demand interaction between the EPSDN node. Meanwhile, the blockchain smart contract was introduced into the transaction to form a sealed quotation function, which eliminates the centralization and high cost and solves the poor transparency and trust in traditional transaction. In addition, the transaction efficiency was improved through the construction of an efficient power trading system and a secure trading environment. A case study is given in the end of the paper. Case study shows that the blockchain-based smart contract trading system for the EPSDN can achieve desirable security and effectiveness, and effectively solve the problems of the traditional centralized trading method. The research findings lay solid theoretical and decision-making bases for small-scale transactions in the electric energy market.
ISSN:1854-6250
1855-6531
DOI:10.14743/apem2019.3.328