Blockchain Based Smart Auction Mechanism for Distributed Peer-to-Peer Energy Trading

Simple item page
dc.contributor.authorIslam, Md.
dc.contributor.authorChetty, Madhu
dc.contributor.authorLim, Suryani
dc.contributor.authorChadhar, Mehmood
dc.contributor.authorIslam, Syed
dc.date.accessioned2021-12-24T18:14:41Z
dc.date.available2021-12-24T18:14:41Z
dc.date.issued2022-01-04
dc.description.abstractBlockchain based framework provides data immutability in a distributed network. In this paper, we investigate the application of blockchain for peer-to-peer (P2P) energy trading. Traditional energy trading systems use simple passing mechanisms and basic pricing methods, thus adversely affect the efficiency and buyers’ social welfare. We propose a blockchain based energy trading mechanism that uses smart passing of unspent auction reservations to (a) minimise the time taken to settle an auction (convergence time), (b) maximise the number of auction settlement; and (c) incorporate second-price auction pricing to maximise buyers’ social welfare in a distributed double auction environment. The entire mechanism is implemented within Hyperledger Fabric, an open-source blockchain framework, to manage the data and provide smart contracts. Experiments show that our approach minimises the convergence time, maximises the number of auction settlement, and increases the social welfare of buyers compared to existing methods.
dc.format.extent10 pages
dc.identifier.doi10.24251/HICSS.2022.731
dc.identifier.isbn978-0-9981331-5-7
dc.identifier.urihttp://hdl.handle.net/10125/80071
dc.language.isoeng
dc.relation.ispartofProceedings of the 55th Hawaii International Conference on System Sciences
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectBlockchain Cases and Innovations
dc.subjectblockchain
dc.subjectdouble auction
dc.subjectenergy trading
dc.subjectpeer-to-peer
dc.subjectsecond-price
dc.titleBlockchain Based Smart Auction Mechanism for Distributed Peer-to-Peer Energy Trading
dc.type.dcmitext

Files

Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
0587.pdf
Size:
7.64 MB
Format:
Adobe Portable Document Format
Download

Collections

Blockchain Cases and Innovations