Open AccessResearch on application model of blockchain technology in distributed electricity market
Author(s) -
Sheng Cheng,
Bo Zeng,
Yuqian Huang
Publication year - 2017
Publication title -
iop conference series. earth and environmental science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.179
H-Index - 26
eISSN - 1755-1307
pISSN - 1755-1315
DOI - 10.1088/1755-1315/93/1/012065
Subject(s) - blockchain , database transaction , computer science , electricity market , electricity , context (archaeology) , electric power system , computer security , power (physics) , database , engineering , electrical engineering , paleontology , physics , quantum mechanics , biology
In the context of current energy Internet, the emergence of a large number of energy productive consumers will create a new business model. In the decentralized electricity market, the cost of traditional centralized solution construction, management and maintenance is too high, and it is difficult to support the collection, transmission, reception, storage and analysis of massive data. To provide a solution to this phenomenon, we apply the blockchain technology to this distributed electricity market to achieve peer to peer transactions in the power systems. The blockchain technology which is very popular nowadays will be used in power system to establish a credible direct transaction between devices. At first, this article analyzes the future direction of the development of power systems, studies the characteristics of decentralized power systems and summarizes the main issues in the development process. Then, we analyze the basic characteristics of blockchain and put forward a new transaction framework in consideration of problems existing in current energy market. The transaction framework is based on the blockchain technology in the distributed electricity market and includes the pricing method, the power transaction system architecture, various modules of the trading system and the details of the whole transaction system runtime. This framework provides a viable solution for increasingly complex energy transactions.