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Blockchain-based renewable energy trading system with smart contract in a small local community
conference contribution
posted on 2023-05-23, 15:16 authored by Riseul RyuRiseul Ryu, Soonja YeomSoonja YeomWith 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.
History
Publication title
SMA 2020: The 9th International Conference on Smart Media and ApplicationsPagination
224-230ISBN
978-1-4503-8925-9Department/School
School of Information and Communication TechnologyPublisher
Association for Computing MachineryPlace of publication
New York, USAEvent title
SMA 2020: The 9th International Conference on Smart Media and ApplicationsEvent Venue
Republic of Korea, JejuDate of Event (Start Date)
2020-09-17Date of Event (End Date)
2020-09-19Rights statement
Copyright 2020 Association for Computing MachineryRepository Status
- Restricted