Distributed double auction for peer to peer energy trade using blockchains
Hayes, Barry P.
Breslin, John G.
Institute of Electrical and Electronics Engineers (IEEE)
In this paper we use the blockchain technology to develop a peer to peer energy trade platform without a trusted third party. Our main contribution is a novel distributed double auction mechanism which allows any peer to act as an auctioneer and the blockchain mechanism ensures that a peer behaves lawfully while acting as an auctioneer. Using experimental evaluation we show that (1) the distributed auction converges quickly, (2) it minimizes energy loss due to long transmission, (3) computational overhead due to employing a blockchain is negligible, (4) it is efficient and (5) it can implement trade restrictions imposed by the energy distribution network.
Distribution networks , Electronic commerce , Peer-to-peer computing , Energy distribution network , Trade restrictions , Energy loss , Distributed auction converges , Blockchain mechanism , Auctioneer , Double auction mechanism , Peer energy trade platform , Blockchain technology , Distributed double auction , Blockchain , Protocols , Energy exchange , Games , Silicon , Public key , Microgrid energy trade , Double auction
Thakur, S., Hayes, B. P. and Breslin, J. G. (2018) 'Distributed double auction for peer to peer energy trade using blockchains', 2018 5th International Symposium on Environment-Friendly Energies and Applications (EFEA), Rome, Italy, 24-26 September. doi:10.1109/EFEA.2018.8617061
© 2018, IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.