A Secure Distributed Ledger for Transactive Energy: The Electron Volt Exchange (EVE) Blockchain

The adoption of blockchain for Transactive Energy has gained significant momentum as it allows mutually non-trusting agents to trade energy services in a trustless energy market. Research to date has assumed that the built-in Byzantine Fault Tolerance in recording transactions in a ledger is suffici...

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Bibliographic Details
Published in:arXiv.org 2020-11
Main Authors: Saha, Shammya, Ravi, Nikhil, Hreinsson, Kari, Baek, Jaejong, Scaglione, Anna, Johnson, Nathan G
Format: Article
Language:English
Subjects:
Algorithms
Blockchain
Consumption
Cryptography
Efficient markets
Energy industry
Exchanging
Fault tolerance
Incentives
Production scheduling
Smart sensors
Theft prevention
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Summary:The adoption of blockchain for Transactive Energy has gained significant momentum as it allows mutually non-trusting agents to trade energy services in a trustless energy market. Research to date has assumed that the built-in Byzantine Fault Tolerance in recording transactions in a ledger is sufficient to ensure integrity. Such work must be extended to address security gaps including random bilateral transactions that do not guarantee reliable and efficient market operation, and market participants having incentives to cheat when reporting actual production/consumption figures. Work herein introduces the Electron Volt Exchange framework with the following characteristics: 1) a distributed protocol for pricing and scheduling prosumers' production/consumption while keeping constraints and bids private, and 2) a distributed algorithm to prevent theft that verifies prosumers' compliance to scheduled transactions using information from grid sensors (such as smart meters) and mitigates the impact of false data injection attacks. Flexibility and robustness of the approach are demonstrated through simulation and implementation using Hyperledger Fabric.
ISSN:2331-8422