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Blockchain-based renewable energy trading system with smart contract in a small local community

Citation

Ryu, R and Yeom, S, Blockchain-based renewable energy trading system with smart contract in a small local community, SMA 2020: The 9th International Conference on Smart Media and Applications, 17 - 19 September 2020, Republic of Korea, Jeju, pp. 224-230. ISBN 978-1-4503-8925-9 (2021) [Refereed Conference Paper]


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DOI: doi:10.1145/3426020.3426078

Abstract

With the high interest in the peer to peer (P2P) energy trading system, blockchain technology has increased attention as a solution to alleviate the current challenges in the centralised energy system. The study set out to discover how blockchain could be used for microgrid while controlling the scalability to encourage peer-to-peer energy trading with the assumption of the average dwelling density at around 20-30 households. The results showed that there is a scalability challenge in the blockchain as the network grows; however, the blockchain technology can be applied in the community which has a similar size with Hobart as there is no significant difference in the execution time up to 100 nodes while accumulating the transactions. Additionally, the study also found mining time, transaction fee and transactions number in the block are also related to the execution time. Therefore, these parameters should be considered to build a scalable blockchain for a microgrid.

Item Details

Item Type:Refereed Conference Paper
Keywords:blockchain, renewable energy trading system, peer to peer energy trading
Research Division:Information and Computing Sciences
Research Group:Artificial intelligence
Research Field:Modelling and simulation
Objective Division:Energy
Objective Group:Renewable energy
Objective Field:Renewable energy not elsewhere classified
UTAS Author:Ryu, R (Miss Riseul Ryu)
UTAS Author:Yeom, S (Dr Soonja Yeom)
ID Code:149117
Year Published:2021
Deposited By:Information and Communication Technology
Deposited On:2022-03-10
Last Modified:2022-04-28
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