The Role of Blockchains in Multi-Stakeholder Transactive Energy Systems
Abstract
Power grids are undergoing major changes due to rapid growth in renewable energy and improvements in battery technology. Prompted by the increasing complexity of power systems, decentralized solutions are emerging that arrange local communities into transactive microgrids. This paper addresses the problem of implementing transactive energy mechanisms in a distributed setting, providing both privacy and safety. Specifically, we design and implement an automated auction and matching system that ensures safety (e.g., satisfaction of line capacity constraints), preserves privacy, and promotes local trade and market efficiency for transactive energy systems. This design problem is challenging because safety, market efficiency, and privacy are competing objectives. We implement our solution as a decentralized trading platform built on blockchain technology and smart contracts. To demonstrate the viability of our platform, we analyze the results of experiments with dozens of embedded devices and energy production and consumption profiles using an actual dataset from the transactive energy domain.
- Authors:
-
- Vanderbilt Univ., Nashville, TN (United States)
- Univ. of Houston, TX (United States)
- Publication Date:
- Research Org.:
- Vanderbilt Univ., Nashville, TN (United States)
- Sponsoring Org.:
- USDOE Advanced Research Projects Agency - Energy (ARPA-E)
- OSTI Identifier:
- 1768857
- Report Number(s):
- DOE-VANDERBILT-0000666-38
Journal ID: ISSN 2624-7852
- Grant/Contract Number:
- AR0000666
- Resource Type:
- Journal Article: Accepted Manuscript
- Journal Name:
- Frontiers in Blockchain
- Additional Journal Information:
- Journal Volume: 3; Journal ID: ISSN 2624-7852
- Publisher:
- Frontiers Media S.A.
- Country of Publication:
- United States
- Language:
- English
- Subject:
- 29 ENERGY PLANNING, POLICY, AND ECONOMY; Transactive energy; RIAPS; transactive energy systems; blockchain; privacy; security; safety; smart contract
Citation Formats
Eisele, Scott, Laszka, Aron, Schmidt, Douglas C., and Dubey, Abhishek. The Role of Blockchains in Multi-Stakeholder Transactive Energy Systems. United States: N. p., 2020.
Web. doi:10.3389/fbloc.2020.593471.
Eisele, Scott, Laszka, Aron, Schmidt, Douglas C., & Dubey, Abhishek. The Role of Blockchains in Multi-Stakeholder Transactive Energy Systems. United States. https://doi.org/10.3389/fbloc.2020.593471
Eisele, Scott, Laszka, Aron, Schmidt, Douglas C., and Dubey, Abhishek. 2020.
"The Role of Blockchains in Multi-Stakeholder Transactive Energy Systems". United States. https://doi.org/10.3389/fbloc.2020.593471. https://www.osti.gov/servlets/purl/1768857.
@article{osti_1768857,
title = {The Role of Blockchains in Multi-Stakeholder Transactive Energy Systems},
author = {Eisele, Scott and Laszka, Aron and Schmidt, Douglas C. and Dubey, Abhishek},
abstractNote = {Power grids are undergoing major changes due to rapid growth in renewable energy and improvements in battery technology. Prompted by the increasing complexity of power systems, decentralized solutions are emerging that arrange local communities into transactive microgrids. This paper addresses the problem of implementing transactive energy mechanisms in a distributed setting, providing both privacy and safety. Specifically, we design and implement an automated auction and matching system that ensures safety (e.g., satisfaction of line capacity constraints), preserves privacy, and promotes local trade and market efficiency for transactive energy systems. This design problem is challenging because safety, market efficiency, and privacy are competing objectives. We implement our solution as a decentralized trading platform built on blockchain technology and smart contracts. To demonstrate the viability of our platform, we analyze the results of experiments with dozens of embedded devices and energy production and consumption profiles using an actual dataset from the transactive energy domain.},
doi = {10.3389/fbloc.2020.593471},
url = {https://www.osti.gov/biblio/1768857},
journal = {Frontiers in Blockchain},
issn = {2624-7852},
number = ,
volume = 3,
place = {United States},
year = {Mon Dec 21 00:00:00 EST 2020},
month = {Mon Dec 21 00:00:00 EST 2020}
}
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