Blockchain smart contract reference framework and program logic architecture for transactive energy systems

Sri Nikhil Gupta Gourisetti, D. Jonathan Sebastian-Cardenas, Bishnu Bhattarai, Peng Wang, Steve Widergren, Mark Borkum and Alysha Randall

Applied Energy, 2021, vol. 304, issue C, No S0306261921011831

Abstract: This paper proposes a reference framework for a transactive energy market based on distributed ledger technology such as blockchain. The framework design was based on the engineering requirements of a distribution-scale market, including participant needs, expected market transactions, and the cybersecurity constructs required to support a fair, secure, and efficient market operation. It leverages the existing blockchain attributes to provide clear value propositions that are applicable to transactive energy market applications. Those attributes are evaluated to not only facilitate the energy market mechanisms but also assist with the cybersecurity requirements, such as access control management (including identification, authentication, and authorization); data security and integrity; and resilience management (decentralization, scalability, and performance during faults). The validity of the proposed framework is demonstrated using a real-time, five-minute double-auction market. The results highlight the framework benefits and provide a strong validation of its applicability to blockchain-based transactive energy systems. The proposed design can help to support machine-to-machine transactions that can be directly integrated into complex grid operations, such as automated market bidding and self-sufficient, resilience-capable grids.

Keywords: Blockchain; Smart contract; Transactive energy systems (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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DOI: 10.1016/j.apenergy.2021.117860

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