Blockchain insisted resilience enhancement of power electricity markets using distributed energy trading
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Dipanjan Bose
,
Chandan Kumar Chanda
and
Abhijit Chakrabarti
Abstract
The resilience of the power grid is taking a vital role in the energy supply and distribution process. But due to the rapid growth of integration of renewable distributed energy sources to the traditional power grid, the nature of the trading system is shifted from the centralized to decentralized or distributed manner. Blockchain is one of the most emerging security technologies that change the dimension of the financial and energy sector with openness and complete freedom. Blockchain implemented distributed energy trading promotes decentralized electricity markets. The physical system consists of the planning of the routing of energy from one place to another. A user can not send power to another customer in any severe outage or natural disaster in a traditional system. The user cannot participate in the trade globally. So in this proposed methodology, the connections of each customer to the central grid through several microgrids have been shown. In this work, an innovative approach in trading and finding a solution to a payment method is proposed. Ethereum blockchain-based smart contracts completed the entire trading system in automation mode in our proposed system. Any power outage at one place can be compensated by routing a new path of energy inflow from another active source, which enhances the system’s resiliency to a certain degree. While trading, no third parties will be engaged so that the transaction is efficient and fast.
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Author contributions: All the authors have accepted responsibility for the entire content of this submitted manuscript and approved submission.
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Research funding: None declared.
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Conflict of interest statement: The authors declare no conflicts of interest regarding this article.
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© 2021 Walter de Gruyter GmbH, Berlin/Boston
Articles in the same Issue
- Frontmatter
- Research Articles
- Torque ripple minimization of multi-level inverter fed PMSM drive using modified MPTC
- Blockchain insisted resilience enhancement of power electricity markets using distributed energy trading
- A novel Confidential Consortium Blockchain framework for peer to peer energy trading
- Experimental verification of DSTATCOM for various non-linear load
- Grid integration of hybrid renewable energy source using Aligned Multilevel Inverter
- Frequency regulation of wind energy integrated power system using a novel optimized type II fuzzy tilted integral derivative controller
- Power quality improvement using model predictive control based shunt connected custom power device in a single phase system
- A reliable islanding identification mechanism for DC microgrid using PCC transient signal
- Intrinsic time decomposition based differential protection with adaptive threshold for UPFC compensated transmission line
- Advanced energy management and frequency control of distributed microgrid using multi-agent systems
- Accurate estimation of modern power system harmonics using a novel LSA hybridized recursive least square technique
Articles in the same Issue
- Frontmatter
- Research Articles
- Torque ripple minimization of multi-level inverter fed PMSM drive using modified MPTC
- Blockchain insisted resilience enhancement of power electricity markets using distributed energy trading
- A novel Confidential Consortium Blockchain framework for peer to peer energy trading
- Experimental verification of DSTATCOM for various non-linear load
- Grid integration of hybrid renewable energy source using Aligned Multilevel Inverter
- Frequency regulation of wind energy integrated power system using a novel optimized type II fuzzy tilted integral derivative controller
- Power quality improvement using model predictive control based shunt connected custom power device in a single phase system
- A reliable islanding identification mechanism for DC microgrid using PCC transient signal
- Intrinsic time decomposition based differential protection with adaptive threshold for UPFC compensated transmission line
- Advanced energy management and frequency control of distributed microgrid using multi-agent systems
- Accurate estimation of modern power system harmonics using a novel LSA hybridized recursive least square technique
