Distributed double auction for peer to peer energy trade using blockchains

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Distributed double auction for peer to peer energy trade using blockchains

Thakur, Subhasis; Hayes, Barry P.; Breslin, John G.
Date: 2018-09
Copyright: © 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.
Related: https://ieeexplore.ieee.org/document/8617061
Citation: 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
Published Version: 10.1109/EFEA.2018.8617061

Abstract:

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.

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