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Blockchain consensus mechanism and method for peer-to-peer electricity trading.

Nan Wang1,2, Yongquan Chen3, Feng Zhai4

  • 1China Electric Power Research Institute, Beijing, 100192, China. apple3235@163.com.

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This study introduces a blockchain consensus mechanism to improve peer-to-peer (P2P) electricity trading by addressing security and trust issues. The new method enhances transaction reliability and facilitates production-consumption balance in distributed energy systems.

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BlockchainData securityDynamic consensusPeer-to-peer transaction

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Area of Science:

  • Electrical Engineering
  • Computer Science
  • Blockchain Technology

Background:

  • Distributed electricity trading markets are crucial for modern power systems.
  • Peer-to-peer (P2P) electricity trading faces challenges like security vulnerabilities, information asymmetry, and inadequate credit evaluation.

Purpose of the Study:

  • To propose a novel blockchain consensus mechanism and methodology for secure and efficient P2P electricity trading.
  • To enhance the trustworthiness of transaction nodes and ensure transaction timeliness.
  • To mitigate malicious activities and achieve production-consumption balance in P2P electricity markets.

Main Methods:

  • Designed an access mechanism with a credit rating decision tree for secure transaction nodes.
  • Developed a smart contract-based demand-response mechanism for timely prosumer transactions.
  • Constructed a multi-criteria objective function with priority-based consensus and dynamic weight adaptation, incorporating user behavior to mitigate malicious activities.

Main Results:

  • The proposed blockchain consensus mechanism ensures the security and trustworthiness of P2P electricity trading nodes.
  • Smart contracts facilitate timely demand-response matching based on prosumer conditions.
  • The consensus method effectively mitigates malicious activities and achieves production-consumption balance, validated in a lab environment.

Conclusions:

  • The developed blockchain consensus mechanism offers a valid and practical solution for P2P electricity trading.
  • This research provides novel methodologies for enhancing security, efficiency, and autonomy in distributed energy trading.
  • The study contributes to the advancement of new-type power systems through improved P2P trading mechanisms.