Transnational power‐transaction model considering transaction costs under the support of consortium blockchain

Transnational power trading can promote the development of global energy Internet, which can enable various countries and regions to optimize the allocation of resources on a larger scale. However, transnational electricity trading still faces many challenges. First, the issues of trust, member management, and huge transaction volume hinder the development of transnational power trading. Second, the issues of considering the differences among countries and establishing a reasonable and efficient transnational power market trading mechanism are also particularly important. The emergence of a consortium‐blockchain technology provides a new idea of solving these problems. The distributed‐ledger technology and member‐management services of a consortium blockchain can solve the problems of trust in the transnational power transaction and access the review of market subjects. Simultaneously, the chain‐code technology can be used to improve the efficiency of transactions. Therefore, according to the actual needs of transnational power transactions, the applicability of the consortium‐blockchain technology was analysed. Then, a mathematical model of transnational power transactions that considered the transaction costs was designed, and simulation tests were conducted on Hyperledger Fabric. The calculation example shows that the proposed transaction model plays a positive role and significance in promoting transnational power transactions and stabilizing the market.