A Distributed Ledger-Based Automated Marketplace for the Decentralized Trading of Renewable Energy in Smart Grids

Dušan B. Gajić, Veljko B. Petrović, Nebojša Horvat, Dinu Dragan, Aleksandar Stanisavljević, Vladimir Katić and Jelena Popović
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Dušan B. Gajić: Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia
Veljko B. Petrović: Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia
Nebojša Horvat: Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia
Dinu Dragan: Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia
Aleksandar Stanisavljević: Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia
Vladimir Katić: Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia
Jelena Popović: Faculty of Electrical Engineering, Mathematics and Computer Science, University of Twente, 7522 NH Enschede, The Netherlands

Energies, 2022, vol. 15, issue 6, 1-26

Abstract: We present a prototype of a decentralized power trading system based on the use of distributed ledger technology. This sort of efficient, decentralized marketplace is needed to empower prosumers and make them first-class members of a smart, decentralized power grid in order to drive further renewable energy adoption. Unlike the bulk of previous work in this field, we focus on private permissioned distributed ledgers rather than conventional blockchains. The proposed solution is entirely independent of cryptocurrency, with an explicit design capability of being adapted piecemeal without any fundamental changes to the present regulatory environment. To be economical, efficient, and scalable, our prototype is based on a lean, Corda-based private permissioned distributed ledger. It allows for instant, automatic bidding on and trading of ‘power promises’ and the robust implementation of short-term, small-scale liquid electrical power futures. We demonstrate that the prototype performs well and presents several clear advantages over existing solutions based on conventional blockchains. Therefore, the proposed approach represents a promising, robust solution to the smart grid decentralized power trading problem.

Keywords: energy trading; renewable energy; smart grid; distributed systems; distributed ledger technology; blockchain (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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