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Pincheira, Miguel, Massimo Vecchio, and Raffaele Giaffreda. "Characterization and Costs of Integrating Blockchain and IoT for Agri-Food Traceability Systems." Systems 10, no. 3 (April 25, 2022): 57. http://dx.doi.org/10.3390/systems10030057.
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An increasing amount of research focuses on integrating the Internet of Things and blockchain technology to address the requirements of traceability applications for Industry 4.0. However, there has been little quantitative analysis of several aspects of these new blockchain-based traceability systems. For instance, very few works have studied blockchain’s impact on the resources of constrained IoT sensors. Similarly, the infrastructure costs of these blockchain-based systems are not widely understood. This paper characterizes the resources of low-cost IoT sensors and provides a monetary cost model for blockchain infrastructure to support blockchain-based traceability systems. First, we describe and implement a farm-to-fork case study using public and private blockchain networks. Then, we analyze the impact of blockchain in six different resource-limited IoT devices in terms of disk and memory footprint, processing time, and energy consumption. Next, we present an infrastructure cost model and use it to identify the costs for the public and private networks. Finally, we evaluate the traceability of a product in different scenarios. Our results showed that low-cost sensors could directly interact with both types of blockchains with minimal energy overhead. Furthermore, our cost model showed that setting a private blockchain infrastructure costs approximately the same as that managing 50 products on a public blockchain network.
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Pincheira, Miguel, Massimo Vecchio, and Raffaele Giaffreda. "Characterization and Costs of Integrating Blockchain and IoT for Agri-Food Traceability Systems." Systems 10, no. 3 (April 25, 2022): 57. http://dx.doi.org/10.3390/systems10030057.
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An increasing amount of research focuses on integrating the Internet of Things and blockchain technology to address the requirements of traceability applications for Industry 4.0. However, there has been little quantitative analysis of several aspects of these new blockchain-based traceability systems. For instance, very few works have studied blockchain’s impact on the resources of constrained IoT sensors. Similarly, the infrastructure costs of these blockchain-based systems are not widely understood. This paper characterizes the resources of low-cost IoT sensors and provides a monetary cost model for blockchain infrastructure to support blockchain-based traceability systems. First, we describe and implement a farm-to-fork case study using public and private blockchain networks. Then, we analyze the impact of blockchain in six different resource-limited IoT devices in terms of disk and memory footprint, processing time, and energy consumption. Next, we present an infrastructure cost model and use it to identify the costs for the public and private networks. Finally, we evaluate the traceability of a product in different scenarios. Our results showed that low-cost sensors could directly interact with both types of blockchains with minimal energy overhead. Furthermore, our cost model showed that setting a private blockchain infrastructure costs approximately the same as that managing 50 products on a public blockchain network.
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Teufel, Bernd, Anton Sentic, and Mathias Barmet. "Blockchain energy: Blockchain in future energy systems." Journal of Electronic Science and Technology 17, no. 4 (December 2019): 100011. http://dx.doi.org/10.1016/j.jnlest.2020.100011.
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Wang, Longze, Shucen Jiao, Yu Xie, Saif Mubaarak, Delong Zhang, Jinxin Liu, Siyu Jiang, Yan Zhang, and Meicheng Li. "A Permissioned Blockchain-Based Energy Management System for Renewable Energy Microgrids." Sustainability 13, no. 3 (January 27, 2021): 1317. http://dx.doi.org/10.3390/su13031317.
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Peer-to-peer (P2P) energy management is one of the most viable solutions to incentivize prosumers in renewable energy microgrids. As the application of blockchain expends from the finance field to energy field, blockchain technology provides a new opportunity for distributed energy systems. However, a distributed energy system based on blockchains allows any node in the whole network to read data. In many application scenarios, user privacy cannot be effectively protected, and there is a security problem that the attack cannot be traced. In this paper, we propose an energy management mode based on a permissioned blockchain for a renewable energy microgrid. The novel permissioned blockchain framework uses entity mapping with a unique identity for each enterprise, natural person, or device, in order to avoid ineligible participants to join the microgrid. Each peer entity keeps the transaction information index of the whole network, but only keeps its own specific transaction information, so they can retrieve the transaction information of other peer entities but cannot obtain the details without permission. Moreover, this model could avoid communication delays and promote plug-and-play due to the distributed nature of the permissioned blockchain. The performance of the proposed method is evaluated with a demonstration program which is designed and deployed on a Hyperledger Fabric permissioned blockchain. Simulation results show the feasibility of the proposed method, and the model is conducive to the protection privacy and P2P energy management for decentralized energy systems.
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O’Donovan, Peter, and Dominic T. J. O’Sullivan. "A Systematic Analysis of Real-World Energy Blockchain Initiatives." Future Internet 11, no. 8 (August 10, 2019): 174. http://dx.doi.org/10.3390/fi11080174.
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The application of blockchain technology to the energy sector promises to derive new operating models focused on local generation and sustainable practices, which are driven by peer-to-peer collaboration and community engagement. However, real-world energy blockchains differ from typical blockchain networks insofar as they must interoperate with grid infrastructure, adhere to energy regulations, and embody engineering principles. Naturally, these additional dimensions make real-world energy blockchains highly dependent on the participation of grid operators, engineers, and energy providers. Although much theoretical and proof-of-concept research has been published on energy blockchains, this research aims to establish a lens on real-world projects and implementations that may inform the alignment of academic and industry research agendas. This research classifies 131 real-world energy blockchain initiatives to develop an understanding of how blockchains are being applied to the energy domain, what type of failure rates can be observed from recently reported initiatives, and what level of technical and theoretical details are reported for real-world deployments. The results presented from the systematic analysis highlight that real-world energy blockchains are (a) growing exponentially year-on-year, (b) producing relatively low failure/drop-off rates (~7% since 2015), and (c) demonstrating information sharing protocols that produce content with insufficient technical and theoretical depth.
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Baashar, Yahia, Gamal Alkawsi, Ammar Ahmed Alkahtani, Wahidah Hashim, Rina Azlin Razali, and Sieh Kiong Tiong. "Toward Blockchain Technology in the Energy Environment." Sustainability 13, no. 16 (August 12, 2021): 9008. http://dx.doi.org/10.3390/su13169008.
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Energy management and exchange have increasingly shifted from concentrated to hierarchical modes. Numerous issues have arisen in the decentralized energy sector, including the storage of customer data and the need to ensure data integrity, fairness, and accountability in the transaction phase. The problem is that in the field of the innovative technology of blockchain and its applications, with the energy sector still in the developmental stages, there is still a need for more research to understand the full capacity of the technology in the field. The main aim of this work was to investigate the state of the current research of blockchain technologies as well as their application within the field of energy. This work also set out to identify certain research gaps and provide a set of recommendations for future directions. Among these research gaps is the application of blockchain in decentralized storage, the integration of blockchain with artificial intelligence, and security and privacy concerns, which have not received much attention despite their importance. An analysis of fifty-seven carefully reviewed studies revealed that the emerging blockchain which provides privacy-protection technologies in cryptography and other areas that can be integrated to address users’ privacy concerns is another aspect that needs further investigation. Grid operations, economies, and customers will all learn from blockchain technology as it provides disintermediation, confidentiality, and tamper-proof transfers. Moreover, it provides innovative ways for customers and small solar generators to participate more actively in the electricity sector and to benefit from their properties. Blockchains are a rapidly evolving field of research and growth. A study of this emerging technology is necessary to increase comprehension, to educate the body of expertise on blockchains, and to realize its potential. This study recommends that future work investigates the potential application of blockchain in the energy sector as well as the challenges that face its implementation from the perspective of policy makers. This future approach will enable researchers to direct their focus to the case studies approach, which will facilitate and ease the application of blockchain technology.
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CH, Ravikumar, Isha Batra, and Arun Malik. "A Novel Design to Minimise the Energy Consumption and Node Traversing in Blockchain Over Cloud Using Ensemble Cuckoo Model." International Journal on Recent and Innovation Trends in Computing and Communication 10, no. 1s (December 14, 2022): 254–64. http://dx.doi.org/10.17762/ijritcc.v10i1s.5847.
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The article outlines the Blockchain’s behavioral model for services. Their reliability is proven through the use of experimental evidence. The authors highlight the major technical aspects and characteristics that are associated with the transmission of data through the network. The authors define the scheme for the network, which works with blockchain transactions, and the relationship between network characteristics on parameters used by the application. They examine the use of this model to identification of the blockchain service and also the likelihood of existing security mechanisms that are based on the technology being bypassed. Additionally, the article provides guidelines to conceal the Blockchain's traffic profile to make it more difficult for its detection in the information network. This study offers a thorough analysis of blockchain-based trust models applied to cloud computing. The paper highlights the challenges that remain unsolved and offers suggestions for future studies in the area based on new cloud-edge trust management system and double-blockchain structure, which is a cloud-based transaction model. The paper also identifies the existing challenges and offers suggestions for future studies in the area based on new cloud-edge trust management system and double-blockchain structure, which is a cloud-based transaction model. The flow of the network will be supported by models that are enhanced by cuckoo to frame the perfect network transform of data from one point to cluster, or alternatively.
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Zhang, Xun. "Blockchain Technology in Various Fields: Applications, Challenges, And Future." Highlights in Science, Engineering and Technology 57 (July 11, 2023): 154–60. http://dx.doi.org/10.54097/hset.v57i.9994.
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Blockchain technology has revolutionized many industries and has great potential outside of finance. This paper explores blockchain's applications and challenges in agriculture, electricity, transportation, healthcare, and finance. Blockchain technology can track agricultural product origin, quality, and safety to improve supply chain transparency in agriculture. Blockchain can also reduce intermediaries, improve payment systems, and expand financing. Blockchain can enable decentralized electricity management, peer-to-peer energy transactions, and lower transaction costs. It could boost renewable energy integration, grid efficiency, and energy access for underserved communities. Blockchain technology can improve transportation supply chain visibility and reduce fraud by providing a shared, tamper-proof ledger to track goods and prevent unauthorized access. Blockchain can secure, interoperable, and improve patient privacy in healthcare. It could let patients share their health data with providers and researchers while protecting their privacy. Blockchain implementation is also tricky. Scalability, interoperability, compliance, and data privacy Blockchain solutions must handle large amounts of data, integrate with existing systems, comply with laws and regulations, and protect sensitive data. Further research and development are necessary to explore blockchain technology's possibilities in these fields fully.
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Khezami, Nadhira, Nourcherif Gharbi, Bilel Neji, and Naceur Benhadj Braiek. "Blockchain Technology Implementation in the Energy Sector: Comprehensive Literature Review and Mapping." Sustainability 14, no. 23 (November 28, 2022): 15826. http://dx.doi.org/10.3390/su142315826.
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Satisfying the world’s rapidly increasing demands in energy via the optimized management of available resources is becoming one of the most important research trends worldwide. When it comes to energy, it is very important to talk about decentralization, security, traceability and transparency. Thus, over the last few years, numerous research works have presented blockchain technology as the best novel business platform enabling a secure, transparent and tamper-proof energy management solution. In this paper, we conducted a systematic literature review (SLR) using the PRISMA framework of the different existing research studies related to the use of the blockchain technology in the energy sector, published between 2008 and 2021. We identified a total of 769 primary studies after intensive manual analysis and filtering, which we thoroughly assessed using various criteria to address six main research questions that covered the blockchain types, applications and platforms in the energy sector, the energy source types for which blockchain platforms are implemented, the emergent technologies that are combined to blockchain solutions, and the types of consensuses used in energy blockchains. Based on the collected survey data, we built a database to categorize the existing research works, identify research trends, and highlight knowledge gaps and potential areas for additional field study.
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Höhne, Stefan, and Victor Tiberius. "Powered by blockchain: forecasting blockchain use in the electricity market." International Journal of Energy Sector Management 14, no. 6 (May 11, 2020): 1221–38. http://dx.doi.org/10.1108/ijesm-10-2019-0002.
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Purpose The purpose of this study is to formulate the most probable future scenario for the use of blockchain technology within the next 5–10 years in the electricity sector based on today’s experts’ views. Design/methodology/approach An international, two-stage Delphi study with 20 projections is used. Findings According to the experts, blockchain applications will be primarily based on permissioned or consortium blockchains. Blockchain-based applications will integrate Internet of Things devices in the power grid, manage the e-mobility infrastructure, automate billing and direct payment and issue certificates regarding the origin of electricity. Blockchain solutions are expected to play an important big role in fostering peer-to-peer trading in microgrids, further democratizing and decentralizing the energy sector. New regulatory frameworks become necessary. Research limitations/implications The Delphi study’s scope is rather broad than narrow and detailed. Further studies should focus on partial scenarios. Practical implications Electricity market participants should build blockchain-based competences and collaborate in current pilot projects. Social implications Blockchain technology will further decentralize the energy sector and probably reduce transaction costs. Originality/value Despite the assumed importance of blockchain technology, no coherent foresight study on its use and implications exists yet. This study closes this research gap.
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Wang, Yiting, Weiqiang Qiu, Ling Dong, Wei Zhou, You Pei, Li Yang, Heng Nian, and Zhenzhi Lin. "Proxy Signature-Based Management Model of Sharing Energy Storage in Blockchain Environment." Applied Sciences 10, no. 21 (October 26, 2020): 7502. http://dx.doi.org/10.3390/app10217502.
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Sharing energy storage (SES) is a novel business model in order to increase the profits and improve the utilization rate of idle energy storage facilities. On the other hand, blockchains can be competently applied in the transaction and operation of SES because of distributed network architecture, traceability and tamper proof. In this paper, a management model of SES based on proxy signatures in the blockchain environment is proposed. Many management models including the principal-agent model are analyzed for SES in terms of benefit, cost, resources, and so on. Moreover, a blockchain framework and a typical transaction process of SES is presented. Finally, a proxy signature mechanism based on the ElGamal algorithm is proposed in order to address the problem that the signature power of nodes cannot be transferred on blockchains. Simulation results show that the proposed proxy signature mechanism can achieve the delegation of digital signature power under the premise of security and reliability, which is suitable for the management model of SES on blockchains.
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Son, Ye-Byoul, Jong-Hyuk Im, Hee-Yong Kwon, Seong-Yun Jeon, and Mun-Kyu Lee. "Privacy-Preserving Peer-to-Peer Energy Trading in Blockchain-Enabled Smart Grids Using Functional Encryption." Energies 13, no. 6 (March 12, 2020): 1321. http://dx.doi.org/10.3390/en13061321.
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Advanced smart grid technologies enable energy prosumers to trade surplus energy from their distributed renewable energy sources with other peer prosumers through peer-to-peer (P2P) energy trading. In many previous works, P2P energy trading was facilitated by blockchain technology through blockchain’s distributive nature and capacity to run smart contracts. However, the feature that all the data and transactions on a blockchain are visible to all blockchain nodes may significantly threaten the privacy of the parties participating in P2P energy trading. There are many previous works that have attempted to mitigate this problem. However, all these works focused on the anonymity of participants but did not protect the data and transactions. To address this issue, we propose a P2P energy trading system on a blockchain where all bids are encrypted and peer matching is performed on the encrypted bids by a functional encryption-based smart contract. The system guarantees that the information encoded in the encrypted bids is protected, but the peer matching transactions are performed by the nodes in a publicly verifiable manner through smart contracts. We verify the feasibility of the proposed system by implementing a prototype composed of smart meters, a distribution system operator (DSO) server, and private Ethereum blockchain.
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Sopheara, Meng, and Chhoub Sotharith. "Social Disadvantages of Ease of Transactions Using Blockchain." Journal of Management and Administration Provision 2, no. 3 (May 2, 2023): 80–87. http://dx.doi.org/10.55885/jmap.v2i3.170.
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A distributed, immutable record like that provided by blockchain technology has the ability to greatly streamline and fortify financial transactions while also reducing associated risks. Blockchain transactions are simple, but this convenience comes at a social cost. The concentration of wealth in the hands of a few would be a potential drawback, as would be the possibility of a blockchain's centralization. The anonymity of blockchain transactions also makes them conducive to unlawful operations like money laundering and the selling of illicit items. Finally, the energy consumption essential to a blockchain network's operation raises environmental problems.
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Kariri, Mousa. "Leveraging Blockchain Technology to Create a More Resilient Supply Chain for Energy Industry." International Journal of Supply Chain Management 8, no. 1 (February 4, 2023): 1–76. http://dx.doi.org/10.47604/ijscm.1755.
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Purpose: Blockchain is an evolving technology that has attracted considerable attention over the past few years from emerging businesses, energy supply enterprises, technology developers, financial institutions, government agencies, and academic institutions. Many references from these contexts describe blockchain as being capable of delivering substantial benefits and creativity. This paper aims to investigate the way in which blockchain technology is likely to influence future supply chain practices in energy sector.
Methodology: A systematic review of both academic and nonacademic literature was conducted to gain a deep insight on the possibilities of leveraging the blockchain technology to create a more resilient supply chain for oil & gas industry. Toward this goal, the theoretical foundations of numerous research papers published in high-profile scientific journals over the past few years, along with several reports generated by well reputable and prestigious consulting firms that have been used to outlook the potential and relevance of blockchain technology for energy industry applications.
Results: Blockchain can bring many opportunities to the oil & gas industry, such as reducing transaction costs and improving transparency and efficiency. However, since it is still in the early stage of the application, there are still many challenges, primarily technological, regulatory and system transformation. The development of blockchains in the oil & gas industry will move toward hybrid blockchain architecture, multi-technology combination, cross-chain, hybrid consensus mechanisms, and more interdisciplinary professionals.
Unique Contribution to Theory, Practice and Policy: This paper offers valuable insight for supply chain practitioners into how blockchain technology has the potential to disrupt existing supply chain provisions as well as a number of challenges to its successful spreading. To the best of the author’s knowledge, this paper is one of the first studies in the Kingdom of Saudi Arabia to explore the possibility of leveraging the blockchain technology to create a more resilient supply chain for oil & gas industry. Blockchain is a promising breakthrough technology and is highly applicable to vast businesses. However, it is still hard to find empirical evidence to show the comparison between blockchain approaches and traditional approaches. In view of this, businesses should realize that blockchain technology has not yet reached an optimal level of maturity, and therefore thorough feasibility studies should be conducted before using this technology.
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Burger, Christoph, and Jens Weinmann. "Blockchain Platforms in Energy Markets—A Critical Assessment." Journal of Risk and Financial Management 15, no. 11 (November 7, 2022): 516. http://dx.doi.org/10.3390/jrfm15110516.
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Compared to other applications of distributed ledger technologies, for example, in decentralized finance, non-fungible tokens, and logistics, Blockchain applications in the energy industry have not found widespread dissemination and fell short of market expectations during the Blockchain hype in the late 2010s. In semi-structured qualitative interviews with leading providers in the energy industry, conducted from 2019 to 2021, hurdles in energy applications are compared with a control group of additional interviews with representatives of companies operating in IT and FinTech. The analysis uses a framework covering technical feasibility, desirability, and economic viability, as well as the role of regulatory frameworks. The interviews reveal that the first Blockchain applications suffered from a combination of technological constraints and inter-platform competition. Due to the permissionless configuration of the early energy Blockchains, they were slow in terms of transaction speed compared to existing platforms and prices per transaction were high, in addition to high degrees of complexity related to requirements from both critical-infrastructure systems and financial market regulation. The analysis further points to the slow adoption of Blockchain applications in the energy sector being related to business models rather focusing on products and platforms as well as on transactional rather than procedural use cases, with a high degree of standardization of the offering and low levels of inclusiveness concerning processes. The move from transaction platforms to innovation platforms and the emergence of Blockchain as a service provider—plus technical advances with regards to high-frequency transactions combined with the increasing importance of use cases, such as proof of origin for fuels or e-charging—may induce a shift from pilot applications to commercialization within the larger innovation ecosystem. While the involvement of Blockchain solutions in energy markets increases with pilot projects and with this, the acceptance of players and stakeholders in the energy ecosystem, a big hurdle for innovation remains the regulation of energy markets to allow for peer-to-peer trading, a usage-driven distribution of network costs, and bottom-up pricing markets.
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Galici, Marco, Mario Mureddu, Emilio Ghiani, Gianni Celli, Fabrizio Pilo, Paolo Porcu, and Beatrice Canetto. "Energy Blockchain for Public Energy Communities." Applied Sciences 11, no. 8 (April 12, 2021): 3457. http://dx.doi.org/10.3390/app11083457.
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This paper suggests an application of blockchain as an energy open data ledger, designed to save and track data regarding the energy footprint of public buildings and public energy communities. The developed platform permits writing energy production and consumption of public buildings using blockchain-enabled smart meters. Once authenticated on the blockchain, this data can be made available to the public domain for techno-economic analyses for either research studies and internal or third parties audits, increasing, in this way, the perceived transparency of the public institutions. A further feature of the platform, starting on the previously disclosed raw data, allows calculating, validating, and sharing sustainability indicators of public buildings and facilities, allowing the tracking of their improvements in sustainability goals. The paper also provides the preliminary results of a field-test experimentation of the proposed platform on a group of public buildings, highlighting the possible benefits of its widespread exploitation.
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Gangani, Dharmik, and Anuj Vaghani. "Blockchain Business Model and Security." International Journal for Research in Applied Science and Engineering Technology 11, no. 6 (June 30, 2023): 1424–31. http://dx.doi.org/10.22214/ijraset.2023.53913.
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Abstract: Blockchain has become the most mentioned or a trending topic on the internet. Today, it is used for many purposes such as smart contracts, keeping records of financial data for banks, data management for government agencies or servicesbased companies, etc. Blockchains are phlebotomizing money. Now a day there is a plethora of different networks or tokens available. Each and every token and network has its own pros and cons. You can use this cryptocurrency to purchase goods or services on the platform or transfer it to various exchanges. But the point is how this token or cryptocurrency generates revenue from providing different services. How are individual networks able to be upheld value in the blockchain market? This research aims to know what are the different ways through which a blockchain company makes money and what things are important to run a profitable blockchain company and also researches what kind of vulnerability and problems occur in the blockchain. Blockchain networks are not immune to cyberattacks and fraud. Through this, we hope to increase the transparency of the Blockchain Business model to enhance the public's trust in blockchain networks and help to make a decision on which blockchain networks are profitable and good for future investments.
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Zehir, Cemal, and Melike Zehir. "Emerging blockchain solutions in the mobility ecosystem: Associated risks and areas for applications." Bussecon Review of Social Sciences (2687-2285) 4, no. 2 (January 7, 2023): 01–14. http://dx.doi.org/10.36096/brss.v4i2.394.
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This study aims to identify the most influential blockchain types for potential implementation areas in the transforming mobility ecosystem, considering application area-specific needs such as transparency, transaction speed, scalability, energy usage, security, and operating cost. The study demonstrated the hybrid blockchain suitability for most of the 13 distinguished mobility applications, while private and consortium blockchains are found applicable based on the needs of specific use cases. A public blockchain is only found suitable for two of the use cases. Proof of Authority and Proof of Stake matches well with most use cases, while Practical Byzantine Fault Tolerance and Proof of Work could be suitable in particular.
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Appasani, Bhargav, Sunil Kumar Mishra, Amitkumar V. Jha, Santosh Kumar Mishra, Florentina Magda Enescu, Ioan Sorin Sorlei, Fernando Georgel Bîrleanu, Noureddine Takorabet, Phatiphat Thounthong, and Nicu Bizon. "Blockchain-Enabled Smart Grid Applications: Architecture, Challenges, and Solutions." Sustainability 14, no. 14 (July 18, 2022): 8801. http://dx.doi.org/10.3390/su14148801.
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The conventional electrical grid is undergoing substantial growth for reliable grid operation and for more efficient and sustainable energy use. The traditional grid is now metamorphosing into a smart grid (SG) that incorporates a diverse, heterogeneous blend of operating measures such as smart appliances, meters, and renewable energy resources. With better efficient results and dependability, the SG can be described as a modern electric power grid architecture. The SG is one of the greatest potential advances as a promising solution for the energy crisis. However, it is complex and its decentralization could be of tremendous benefit. Moreover, digitalization and integration of a large number of growing connections make it a target of cyber-attacks. In this sense, blockchain is a promising SG paradigm solution that offers several excellent features. There has been considerable effort put into using blockchains in the smart grid for its decentralization and enhanced cybersecurity; however, it has not been thoroughly studied in both application and architectural perspectives. An in-depth study was conducted on blockchain-enabled SG applications. Blockchain architectures for various applications, such as the synchrophasor applications, electric vehicles, energy management systems, etc., were proposed. The purpose of this article is to provide directions for future research efforts aimed at secure and decentralized SG applications using blockchain.
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Wang, Qiang, and Min Su. "Integrating blockchain technology into the energy sector — from theory of blockchain to research and application of energy blockchain." Computer Science Review 37 (August 2020): 100275. http://dx.doi.org/10.1016/j.cosrev.2020.100275.
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Chaabane, Faten, Jalel Ktari, Tarek Frikha, and Habib Hamam. "Low Power Blockchained E-Vote Platform for University Environment." Future Internet 14, no. 9 (September 19, 2022): 269. http://dx.doi.org/10.3390/fi14090269.
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With the onset of the COVID-19 pandemic and the succession of its waves, the transmission of this disease and the number of deaths caused by it have been increasing. Despite the various vaccines, the COVID-19 virus is still contagious and dangerous for affected people. One of the remedies to this is precaution, and particularly social distancing. In the same vein, this paper proposes a remote voting system, which has to be secure, anonymous, irreversible, accessible, and simple to use. It therefore allows voters to have the possibility to vote for their candidate without having to perform the operation on site. This system will be used for university elections and particularly for student elections. We propose a platform based on a decentralized system. This system will use two blockchains communicating with each other: the public Ethereum blockchain and the private Quorum blockchain. The private blockchain will be institution-specific. All these blockchains send the necessary data to the public blockchain which manages different data related to the universities and the ministry. This system enables using encrypted data with the SHA-256 algorithm to have both security and information security. Motivated by the high energy consumption of blockchain and by the performance improvements in low-power, a test is performed on a low-power embedded platform Raspberry PI4 showing the possibility to use the Blockchain with limited resources.
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Borkovcová, Anna, Miloslava Černá, and Marcela Sokolová. "Blockchain in the Energy Sector—Systematic Review." Sustainability 14, no. 22 (November 9, 2022): 14793. http://dx.doi.org/10.3390/su142214793.
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The article provides an overview of academic contributions to blockchain technology over the past three years. A large number of practical implementations are proving the versatility of blockchain across industries. Some of these areas are easy to deduce, but for some, the benefits of using blockchain technology may not be obvious. Real applications of blockchain can be found in sectors such as cyber security and the financial sector, but also in various categories of the public sector, healthcare, and industry. This paper focuses on the use of blockchain technology in the energy industry. The paper aims to present the current trends of blockchain in the energy sector and provide a summary of blockchain technology discussed in academia. The research questions are formulated to correspond to the basic goals of the energy sector today. The core of the paper forms a systematic review based on the PRISMA guidelines. The output of this systematic review brings an up-to-day insight into the issue and introduces potential areas for further research.
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Ling, Yunpeng, Nan Xu, Bo Zhou, Suhang Yao, Xu Han, Zihao Zhao, and Yongli Wang. "Intelligent Energy Services Based on Energy Blockchain." Journal of Physics: Conference Series 2005, no. 1 (August 1, 2021): 012106. http://dx.doi.org/10.1088/1742-6596/2005/1/012106.
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Honari, Kimia, Sara Rouhani, Nida E. Falak, Yuan Liu, Yunwei Li, Hao Liang, Scott Dick, and James Miller. "Smart Contract Design in Distributed Energy Systems: A Systematic Review." Energies 16, no. 12 (June 19, 2023): 4797. http://dx.doi.org/10.3390/en16124797.
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Blockchain technology and, in particular, smart contracts based on it, offers a new, decentralized mechanism for entering into and fulfilling contracts in diverse markets. Energy markets are no exception, and indeed, the decentralized nature of the blockchain may be particularly important for them as the penetration of residential prosumers offering microgeneration to the grid grows. At this time, however, the literature on smart contracts in energy markets—and particularly their interaction with the technical infrastructure of the smart grid—is limited and scattered. There is a need to consolidate these studies into a comprehensive understanding of the state-of-the-art in smart contract design for the smart grid. However, no existing reviews focus on smart contracts in energy systems. The scope of our study is the role of smart contracts in energy systems and what limitations they encounter. We conduct a systematic review of this topic, focusing on systems that have been implemented as prototypes. These studies provide key evidence on the scalability of smart contracts for energy systems and their interaction with the technical elements of the smart grid. We selected a pool of 76 papers meeting our criteria, with three others excluded for misinterpreting fundamental aspects of blockchains and smart contracts. After reviewing each paper, we found that this literature falls into four categories: market operations, ancillary services, auditing and monitoring, and cybersecurity. We then identify and examine the cross-cutting concerns of data storage in and interoperability between blockchains. We finally discuss the implications of our findings for future research. In particular, there is likely to be a complex interplay between the data generated and stored via the blockchain versus the data required to meet energy system reliability targets and market obligations for participants.
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Mohammed Al-Madani, Yudi Fernando, and Pua Wee Sin. "IMPLICATIONS OF BLOCKCHAIN DEPLOYMENT IN ENERGY SUPPLY CHAIN MANAGEMENT: REPORT INTEGRITY." International Journal of Industrial Management 13, no. 1 (April 1, 2022): 408–21. http://dx.doi.org/10.15282/ijim.13.1.2022.7365.
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This study aims to investigate literature findings on the current blockchain technology requirement. The obtained findings on blockchain technology requirements and limitations, helps to draw conclusions on the adoption of blockchain technology in energy consumption reporting. Blockchain technology offers transparency of energy consumption reports. Blockchain keeps all the transactional records and guarantees security, and decentralization between the blockchain network. Blockchain technology integration for energy consumption can promote transparency and integrity of energy management reporting. Among the reasons for companies’ reluctance to report energy consumption is non-transparency, the unnecessary cost for the report, and lack of regulation to release an energy consumption report or it is voluntary in best cases. This paper reviewed 121 papers related to the topic and conclusions drawn based on findings of previous literature. Blockchain can help to alleviate the issues of transparency and cost related to energy reporting. Decision and policymakers should offer incentives and include regulations on energy reporting requirements. The reporting should be requested through a blockchain network to guarantee transparency and integrity.
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Jaiswal, Shivam, Harsh Gunwant, Shivam, and Kajol Dahiya. "Decentralized Finance." International Journal for Research in Applied Science and Engineering Technology 11, no. 1 (January 31, 2023): 255–61. http://dx.doi.org/10.22214/ijraset.2023.48543.
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Abstract: Currently, in the world there is a growing interest in the digital economy including the blockchain technology. Decentralized Finance (DeFi) is one of the leading current blockchain technology-related trends. Decentralized Finance (DeFi) is the (r)evolutionary movement to create a solely code-based, intermediary-independent financial system—a movement which has grown from $4bn to $104bn in assets locked in the last threeyears.Our paper is a p2p blockchain lending service. Using this application, people would be able to take loans on the blockchains. That means they can essentially lock up certain assets and borrow other cryptocurrencies and then pay back later after a certain amount of time.
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Waseem, Muhammad, Muhammad Adnan Khan, Arman Goudarzi, Shah Fahad, Intisar Ali Sajjad, and Pierluigi Siano. "Incorporation of Blockchain Technology for Different Smart Grid Applications: Architecture, Prospects, and Challenges." Energies 16, no. 2 (January 11, 2023): 820. http://dx.doi.org/10.3390/en16020820.
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Smart grid integrates computer, communication, and sensing technologies into existing power grid networks to achieve significant informatization-related advantages. It will provide communication between neighbors, localized management, bidirectional power transfer, and effective demand response. Smart grids (SG) replace conventional grids by integrating various operational measures, including smart automation appliances, smart meters, and renewable energy sources. Regarding energy management and resolving energy issues, SG is one of the most cutting-edge and potentially game-changing innovations. Even still, its complexity suggests that decentralization may provide significant gains. Because of its increasing digitization and interconnectedness, it is also vulnerable to cyber threats. Blockchain, in this sense, is a potential SG paradigm solution that provides several great benefits. Even though blockchains have been widely discussed to decentralize and strengthen smart grid cybersecurity, they have not yet been researched in depth from an application and architectural standpoint. Blockchain-enabled SG applications are the subject of an in-depth research investigation. Electric vehicles (EVs), home automation, energy management systems, etc., are only a few of the many examples that have prompted the proposal of blockchain designs for their respective use cases. Information communication network security is of paramount importance. However, this evolving system raises cybersecurity issues. This paper aims to guide researchers in the right manner so they may build blockchain-based, secure, distributed SG applications in the future. This article also summarizes cybersecurity threats pertaining to smart grids. It starts with a description of a blockchain followed by the blockchain infrastructure, challenges, and solutions for different smart grid applications. A look back at the tried-and-true methods of securing a power grid is offered, and then it discusses the newer and more complex cybersecurity threats to the smart grid. In addition, models of common cyberattacks are presented, and the methods of defense against them are examined.
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Zafar, Bassam, and Sami Ben Slama. "Energy Internet Opportunities in Distributed Peer-to-Peer Energy Trading Reveal by Blockchain for Future Smart Grid 2.0." Sensors 22, no. 21 (November 1, 2022): 8397. http://dx.doi.org/10.3390/s22218397.
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The Energy Internet (EI) and Smart Grid 2.0 (SG 2.0) concepts are potential challenges in industry and research. The purpose of SG 2.0 and EI is to automate innovative power grid operations. To move from Distribution Network Operators (DSO) to consumer-centric distributed power grid management, the blockchain and smart contracts are applicable. Blockchain technology and integrated SGs will present challenges, limiting the deployment of Distributed Energy Resources (DERs). This review looks at the decentralization of the Smart Grid 2.0 using blockchain technology. Energy trading has increased due to access to distributed energy sources and electricity producers who can financially export surplus fuels. The energy trading system successfully combines energy from multiple sources to ensure consistent and optimal use of available resources and better facilities for energy users. Peer-to-peer (P2P) energy trading is a common field of study that presents some administrative and technical difficulties. This article provides a general overview of P2P energy exchange. It discusses how blockchain can improve transparency and overall performance, including the degree of decentralization, scalability, and device reliability. The research is extended to examine unresolved issues and potential directions for P2P blockchain-based energy sharing in the future. In fact, this paper also demonstrates the importance of blockchain in future smart grid activities and its blockchain-based applications. The study also briefly examines the issues associated with blockchain integration, ensuring the decentralized, secure and scalable operation of autonomous electric grids in the future.
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Vergura, Silvano. "Blockchain for the Energy Transition." Renewable Energy and Power Quality Journal 18 (June 2020): 603–8. http://dx.doi.org/10.24084/repqj18.444.
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Kim, Horim, Jaeyoung Kim, Kyungmyung Jang, and Jaemin Han. "Are the Blockchain-Based Patents Sustainable for Increasing Firm Value?" Sustainability 12, no. 5 (February 26, 2020): 1739. http://dx.doi.org/10.3390/su12051739.
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Blockchain technology is changing conventional online transaction systems by eliminating payment gateway firms. The blockchain technology is highly attractive and has earned a lot of attention from investors and firms. To protect blockchain technology, firms acquire a patent of blockchain for enhancing the value of their blockchain technology. However, the sustainable value for a patent of blockchain has not been clearly explored. For this reason, our research attempted to explore the relationship between a patent of blockchain and firm value. We used a real options theory and built robust empirical tests based on United State Patents and Trademark Office (USPTO) data. We collected the patents of blockchains from 2014 to 2018 and matched financial data from the Compustat database. In total, we found 153 panel observations. Our results suggest that a firm’s patent of blockchain originality and t-1 lagged effects for a firm’s patent of blockchain generality are positively associated with firm value in general. In addition, the sustainable value for the patent of blockchain affects firms differently based on their industry. We found that the sustainable value for the patent of blockchain originality was positively and exclusively associated with the software industry, while the sustainable value for the patent of blockchain generality was positively and exclusively associated with the hardware industry.
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Pawar, Prof Dipali. "Blockchain Based Crowdfunding Using Ethereum Smart Contract." International Journal for Research in Applied Science and Engineering Technology 11, no. 5 (May 31, 2023): 6934–39. http://dx.doi.org/10.22214/ijraset.2023.53299.
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Abstract: This research paper explores the emerging field of crowdfunding and its integration with blockchain technology. Crowdfunding has gained significant traction as a viable alternative to traditional funding methods, empowering entrepreneurs and innovators to raise capital directly from the public. However, this fundraising model is not without its limitations, including issues of trust, transparency, and intermediaries' control over the process. In recent years, blockchain technology has emerged as a potential solution to address these challenges. Blockchain's inherent properties of transparency, immutability, and decentralization offer promising opportunities for transforming the crowdfunding landscape. This research paper presents a comprehensive analysis of the benefits and challenges associated with implementing blockchain in crowdfunding. It examines real-world use cases and discusses how blockchain enhances transparency, mitigates fraud risks, reduces transaction costs, and enables global participation. Furthermore, it explores the potential impact of blockchain on crowdfunding ecosystems, including its implications for investors, entrepreneurs, and regulatory frameworks.
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Wang, Naiyu, Xiao Zhou, Xin Lu, Zhitao Guan, Longfei Wu, Xiaojiang Du, and Mohsen Guizani. "When Energy Trading Meets Blockchain in Electrical Power System: The State of the Art." Applied Sciences 9, no. 8 (April 15, 2019): 1561. http://dx.doi.org/10.3390/app9081561.
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With the rapid growth of renewable energy resources, energy trading has been shifting from the centralized manner to distributed manner. Blockchain, as a distributed public ledger technology, has been widely adopted in the design of new energy trading schemes. However, there are many challenging issues in blockchain-based energy trading, e.g., low efficiency, high transaction cost, and security and privacy issues. To tackle these challenges, many solutions have been proposed. In this survey, the blockchain-based energy trading in the electrical power system is thoroughly investigated. Firstly, the challenges in blockchain-based energy trading are identified and summarized. Then, the existing energy trading schemes are studied and classified into three categories based on their main focuses: energy transaction, consensus mechanism, and system optimization. Blockchain-based energy trading has been a popular research topic, new blockchain architectures, models and products are continually emerging to overcome the limitations of existing solutions, forming a virtuous circle. The internal combination of different blockchain types and the combination of blockchain with other technologies improve the blockchain-based energy trading system to better satisfy the practical requirements of modern power systems. However, there are still some problems to be solved, for example, the lack of regulatory system, environmental challenges and so on. In the future, we will strive for a better optimized structure and establish a comprehensive security assessment model for blockchain-based energy trading system.
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Khatoon, Asma, Piyush Verma, Jo Southernwood, Beth Massey, and Peter Corcoran. "Blockchain in Energy Efficiency: Potential Applications and Benefits." Energies 12, no. 17 (August 28, 2019): 3317. http://dx.doi.org/10.3390/en12173317.
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Blockchain technology is ready to disrupt nearly every industry and business model, and the energy sector is no exception. Energy businesses across the world have already started exploring the use of blockchain technology in large-scale energy trading systems, peer-to-peer energy trading, project financing, supply chain tracking, and asset management among other applications. Information and Communication Technologies (ICTs) recently started revolutionizing the energy landscape, and now blockchain technology is providing an additional opportunity to make the energy system more intelligent, efficient, transparent, and secure in the longer term. The idea of this paper is to examine more closely the use of blockchain technology for its possible application in the energy efficiency industry and to determine how it could make energy efficiency markets more secure and transparent in the longer term. This paper examines in detail the key benefits and implications of using blockchain in the energy efficiency sector through the presentation and discussion of two case studies as possible blockchain applications—(i) the UK Energy Company Obligation scheme and (ii) the Italian White Certificate Scheme. We have presented how the key issues around trading energy efficiency savings—correctly estimating the savings, data transparency among stakeholders, and inefficient administrative processes—can be solved through the application of a blockchain-based smart contract system. Finally, this paper presents an implementation of a smart contract for trading of energy-saving certificates achieved via execution of smart contract transactions on the Ethereum blockchain.
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Wu, Jiani, and Nguyen Tran. "Application of Blockchain Technology in Sustainable Energy Systems: An Overview." Sustainability 10, no. 9 (August 28, 2018): 3067. http://dx.doi.org/10.3390/su10093067.
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The Energy Internet has become a hot topic for the integration of sustainable energies. However, as a result, there are numerous sustainable energy forms and participants, the system is extremely complex, and some key issues are difficult to overcome, such as the control and management of distributed sustainable energy forms. On the other hand, blockchain technology consists of distributed data storage, peer-to-peer transmission, a consensus mechanism, encryption algorithms, and smart contracts. Applying the technical advantages of the blockchain to the Energy Internet can solve many of the problems that hinder its development. The purpose of this paper is to review the development of blockchain and the Energy Internet, and provide some references for the possible applications of blockchain technology to the Energy Internet. Firstly, the definition and characteristics of blockchain and the Energy Internet are introduced in detail. Secondly, the compatibility of the two is analyzed. Then, several application scenarios of blockchain in the Energy Internet are put forward. Finally, the challenges that still exist when applying the current blockchain technology to the Energy Internet are analyzed.
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Khan, Dodo, Low Tang Jung, and Manzoor Ahmed Hashmani. "Systematic Literature Review of Challenges in Blockchain Scalability." Applied Sciences 11, no. 20 (October 9, 2021): 9372. http://dx.doi.org/10.3390/app11209372.
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Blockchain technology is fast becoming the most transformative technology of recent times and has created hype and optimism, gaining much attention from the public and private sectors. It has been widely deployed in decentralized crypto currencies such as Bitcoin and Ethereum. Bitcoin is the success story of a public blockchain application that propelled intense research and development into blockchain technology. However, scalability remains a crucial challenge. Both Bitcoin and Ethereum are encountering low-efficiency issues with low throughput, high transaction latency, and huge energy consumption. The scalability issue in public Blockchains is hindering the provision of optimal solutions to businesses and industries. This paper presents a systematic literature review (SLR) on the public blockchain scalability issue and challenges. The scope of this SLR includes an in-depth investigation into the scalability problem of public blockchain, associated fundamental factors, and state-of-art solutions. This project managed to extract 121 primary papers from major scientific databases such as Scopus, IEEE explores, Science Direct, and Web of Science. The synthesis of these 121 articles revealed that scalability in public blockchain is not a singular term. A variety of factors are allied to it, with transaction throughput being the most discussed factor. In addition, other interdependent vita factors include storages, block size, number of nodes, energy consumption, latency, and cost. Generally, each term is somehow directly or indirectly reliant on the consensus model embraced by the blockchain nodes. It is also noticed that the contemporary available consensus models are not efficient in scalability and thus often fail to provide good QoS (throughput and latency) for practical industrial applications. Our findings exemplify that the Internet of Things (IoT) would be the leading application of blockchain in industries such as energy, finance, resource management, healthcare, education, and agriculture. These applications are, however, yet to achieve much-desired outcomes due to scalability issues. Moreover, Onchain and offchain are the two major categories of scalability solutions. Sagwit, block size expansion, sharding, and consensus mechanisms are examples of onchain solutions. Offchain, on the other hand, is a lighting network.
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Schletz, Marco, Ana Cardoso, Gabriela Prata Dias, and Søren Salomo. "How Can Blockchain Technology Accelerate Energy Efficiency Interventions? A Use Case Comparison." Energies 13, no. 22 (November 10, 2020): 5869. http://dx.doi.org/10.3390/en13225869.
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This paper qualitatively evaluates the application of blockchain technology for three energy efficiency use cases. To achieve the Sustainable Development Agenda, energy efficiency improvements have to double by 2030. However, the adoption of energy efficiency interventions is slow due to several market barriers. Blockchain technology is a nascent technology with the potential to address these barriers or even fundamentally change energy system designs, by enabling transparent, decentralised, and tamper-resilient systems. Nevertheless, a blockchain application comes with trade-offs and needs to be considered on a case by case basis. In this paper, we examine the benefits and constraints of a blockchain application for three different approaches to achieving energy efficiency: (i) peer-to-peer (P2P) energy trading; (ii) White Certificate Scheme (WCS); and (iii) Energy Service Companies (ESCOs). For each of these cases, we apply a decision framework to assess blockchain feasibility and outline a potential blockchain-based design. The analysis shows that blockchain functions are case dependent and that an application creates different governance and system designs due to varying case characteristics. We discuss how the identified blockchain adoption barriers can be overcome and stress the need for policy action to advance the development of pilot studies. By decentralising system governance, blockchain enables innovative designs that can accelerate the implementation of energy efficiency interventions.
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Thorat, Madhuri B., and Marmik S. Patil. "Decentralization using Blockchain as a Service." International Journal for Research in Applied Science and Engineering Technology 10, no. 11 (November 30, 2022): 1672–74. http://dx.doi.org/10.22214/ijraset.2022.47681.
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Abstract: Due to its immutability, traceability, anonymity, and transparency as a decentralised distributed ledger, blockchain has seen significant development in cryptocurrencies and production as a new trend. The emergence of Blockchain-as-a-Service (BaaS) in the interim aids in the mitigation of the Blockchain system complexity and management challenges make it simpler for developers to concentrate on implementing business logic. However, the majority of current BaaS solutions are hosted by cloud providers, increasing the risk of vendor lock-in and undermining blockchain's intrinsic trustlessness. Although current BaaS systems use edge computing or the cloud as their infrastructure, their availability is constrained by the availability of network connections and the data centre itself. Most developers or teams find it challenging and expensive to create, maintain, and watch over a blockchain network that supports their apps due to the intricacy of blockchain technology. The majority of regular developers or teams are unable to guarantee the dependability and security of the blockchain system, which in part lowers the calibre of their programmes. The BaaS platform we create in this study,BaaS, offers blockchain services across cloud computing environments, including network deployment and system monitoring, smart contract analysis, and testing. Based on these services, developers don't have to worry about maintaining and monitoring the system and can instead concentrate on the business code to investigate how to apply blockchain technology to their business scenarios more effectively.
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Arachchige, Kithmini Godewatte, Philip Branch, and Jason But. "Evaluation of Correlation between Temperature of IoT Microcontroller Devices and Blockchain Energy Consumption in Wireless Sensor Networks." Sensors 23, no. 14 (July 10, 2023): 6265. http://dx.doi.org/10.3390/s23146265.
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Blockchain technology is an information security solution that operates on a distributed ledger system. Blockchain technology has considerable potential for securing Internet of Things (IoT) low-powered devices. However, the integration of IoT and blockchain technologies raises a number of research issues. One of the most important is the energy consumption of different blockchain algorithms. Because IoT devices are typically low-powered battery-powered devices, the energy consumption of any blockchain node must be kept low. IoT end nodes are typically low-powered devices expected to survive for extended periods without battery replacement. Energy consumption of blockchain algorithms is an important consideration in any application that combines both technologies, as some blockchain algorithms are infeasible because they consume large amounts of energy, causing the IoT device to reach high temperatures and potentially damaging the hardware; they are also a possible fire hazard. In this paper, we examine the temperatures reached in devices used to process blockchain algorithms, and the energy consumption of three commonly used blockchain algorithms running on low-powered microcontrollers communicating in a wireless sensor network. We found temperatures of IoT devices and energy consumption were highly correlated with the temperatures reached. The results indicate that device temperatures reached 80 °C. This work will contribute to developing energy-efficient blockchain-based IoT sensor networks.
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Zhong, Xiaoqing, Yi Liu, Kan Xie, and Shengli Xie. "A Local Electricity and Carbon Trading Method for Multi-Energy Microgrids Considering Cross-Chain Interaction." Sensors 22, no. 18 (September 14, 2022): 6935. http://dx.doi.org/10.3390/s22186935.
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The objective of this paper is to propose a local electricity and carbon trading method for interconnected multi-energy microgrids. A local electricity market and a local carbon market are established, allowing microgrids to trade electricity and carbon allowance within the microgrid network. Specifically, excessive electricity and carbon allowance of a microgrid can be shared with other microgrids that require them. A local electricity trading problem and a local carbon trading problem are formulated for multi-energy microgrids using the Nash bargaining theory. Each Nash bargaining problem can be decomposed into two subproblems, including an energy/carbon scheduling problem and a payment bargaining problem. By solving the subproblems of the Nash bargaining problems, the traded amounts of electricity/carbon allowance between microgrids and the corresponding payments will be determined. In addition, to enable secure information interactions and trading payments, we introduce an electricity blockchain and a carbon blockchain to record the trading data for microgrids. The novelty of the usage of the blockchain technology lies in using a notary mechanism-based cross-chain interaction method to achieve value transfer between blockchains. The simulation results show that the proposed local electricity and carbon trading method has great performance in lowering total payments and carbon emissions for microgrids.
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Gurrib, Ikhlaas. "Can energy commodities affect energy blockchain-based cryptos?" Studies in Economics and Finance 36, no. 4 (October 7, 2019): 682–99. http://dx.doi.org/10.1108/sef-10-2018-0313.
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Purpose The purpose of this paper is to shed fresh light into whether an energy commodity price index (ENFX) and energy blockchain-based crypto price index (ENCX) can be used to predict movements in the energy commodity and energy crypto market. Design/methodology/approach Using principal component analysis over daily data of crude oil, heating oil, natural gas and energy based cryptos, the ENFX and ENCX indices are constructed, where ENFX (ENCX) represents 94% (88%) of variability in energy commodity (energy crypto) prices. Findings Natural gas price movements were better explained by ENCX, and shared positive (negative) correlations with cryptos (crude oil and heating oil). Using a vector autoregressive model (VAR), while the 1-day lagged ENCX (ENFX) was significant in estimating current ENCX (ENFX) values, only lagged ENCX was significant in estimating current ENFX. Granger causality tests confirmed the two markets do not granger cause each other. One standard deviation shock in ENFX had a negative effect on ENCX. Weak forecasting results of the VAR model, support the two markets are not robust forecasters of each other. Robustness wise, the VAR model ranked lower than an autoregressive model, but higher than a random walk model. Research limitations/implications Significant structural breaks at distinct dates in the two markets reinforce that the two markets do not help to predict each other. The findings are limited by the existence of bubbles (December 2017-January 2018) which were witnessed in energy blockchain-based crypto markets and natural gas, but not in crude oil and heating oil. Originality/value As per the authors’ knowledge, this is the first paper to analyze the relationship between leading energy commodities and energy blockchain-based crypto markets.
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Wu, Yue, Junxiang Li, and Jin Gao. "Real-Time Bidding Model of Cryptocurrency Energy Trading Platform." Energies 14, no. 21 (November 2, 2021): 7216. http://dx.doi.org/10.3390/en14217216.
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Blockchain technology provides a comprehensive solution to user access and energy trading for distributed energy Internet. Achieving market-based pricing, increasing the earnings of energy suppliers, attracting foreign capital and facilitating the upgrade of solar and wind energy are pressing issues. Drawing on the practices of centralised exchanges and blockchain cryptocurrency, the author designed the Cryptocurrency Energy Trading Platform (CETP), dividing the permissioned blockchain into the Energy Blockchain Platform (EBP) and the Energy Cryptocurrency Exchange (ECE). The frequently used real-time bidding scenario and the seldom-used power-using scenario are separated from each other. A market welfare model for real-time bidding is established and verified. With Energy Blockchain Cryptocurrency (EBC) as the trading medium, the platform allows external bidders to get involved in the bidding and transactions, which not only attracts the social capital to be used in the development of energy Internet but also helps stabilise the energy market prices, thus, advancing the energy Internet.
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Liu, Jianhua, Shengbo Sun, Zheng Chang, Bo Zhou, Yongli Wang, Jingyan Wang, and Shuo Wang. "Application of blockchain in integrated energy system transactions." E3S Web of Conferences 165 (2020): 01014. http://dx.doi.org/10.1051/e3sconf/202016501014.
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Blockchain technology is the underlying technology of Bitcoin, which is fair, transparent and decentralized. The integrated energy system has the characteristics of open interconnection, user-centered and distributed peer-to-peer sharing, and its energy trading model will also be developed centrally to distributed. The characteristics of blockchain technology make it naturally applicable to energy transactions in integrated energy systems. This article first analyzes the characteristics of the integrated energy system market and summarizes the participants in the market. Then, based on the existing research and analysis, a blockchain-based energy transaction architecture is designed, and a weakly centralized management method is introduced. finally, the problems and challenges faced by the application of blockchain in energy transactions are analyzed.
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Khan, Saima, and Omprakash Mangde. "Application of Blockchain in Artificial Intelligence." International Journal for Research in Applied Science and Engineering Technology 10, no. 6 (June 30, 2022): 2066–70. http://dx.doi.org/10.22214/ijraset.2022.44142.
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Abstract: Artificial intelligence (AI) refers to the simulation of human intelligence in machines designed in such a way that machines can think like humans and imitate their actions. It combines sub-fields for machine learning and in-depth learning, using data-trained AI algorithms to make predictions or categories, and become smarter over time. The benefits of AI include automated repetitive tasks, improved decision-making and better customer experience. Blockchain is a shared, unchanging platform that provides fast, shared and transparent data exchange at the same time across multiple groups as they begin and complete transactions. The blockchain network can track orders, payments, accounts, production, and more. Because members are allowed to share a common vision, they gain confidence and trust in their work and other businesses, as well as new efficiency and opportunities. AI can successfully mine with a large database and create new environments and discover patterns based on data behaviour. Blockchain helps to effectively remove bugs and counterfeit data sets. The two technologies complement each other as Blockchain can reduce the risk to AI, and AI can improve Blockchain performance. Much research is currently being done on the use of Blockchains to detect intelligent applications in key areas such as health care, finance, power, government, and defense.
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Nepal, Jagdish Prasad, Nuttaya Yuangyai, Saroj Gyawali, and Chumpol Yuangyai. "Blockchain-Based Smart Renewable Energy: Review of Operational and Transactional Challenges." Energies 15, no. 13 (July 5, 2022): 4911. http://dx.doi.org/10.3390/en15134911.
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Blockchain has peculiar characteristics among various digital technologies due to its decentralised and cryptographic properties. The combination of intelligent energy systems and blockchain can innovate new forms of transactive energy and navigate the digital journey to transform the future of renewable energy systems. This review studies various blockchain implementations in the smart energy domain and presents the findings on operational and transactional challenges in a blockchain-based smart renewable energy system. We also identify the differences between operations and transactions in smart energy systems. Furthermore, we identify the most pronounced cryptocurrencies in different studies. The findings highlighted various challenges concerning the implementation of blockchain-based smart energy systems. We identified how these challenges spawn across operational and transactional deliverables. Building on these findings, we discuss various challenges impacting the operational and transactional domains, which we believe have significant value for researchers, practitioners, policy makers, entrepreneurs, and start-ups. It will provide long-term benefits to humankind in fulfilling energy requirements, promoting sustainable energy use by developing countermeasures to combat identified challenges and leveraging the optimal use of blockchain technology.
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Schneiders, Alexandra, and David Shipworth. "Community Energy Groups: Can They Shield Consumers from the Risks of Using Blockchain for Peer-to-Peer Energy Trading?" Energies 14, no. 12 (June 15, 2021): 3569. http://dx.doi.org/10.3390/en14123569.
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Peer-to-peer (P2P) energy trading is emerging as a new mechanism for settling the exchange of energy between renewable energy generators and consumers. P2P provides a mechanism for local balancing when it is facilitated through distributed ledgers (‘blockchains’). Energy communities across Europe have uncovered the potential of this technology and are currently running pilots to test its applicability in P2P energy trading. The aim of this paper is to assess, using legal literature and legislation, whether the legal forms available to energy communities in the United Kingdom (UK) can help resolve some of the uncertainties around the individual use of blockchain for P2P energy trading. This includes the legal recognition of ‘prosumers’, the protection of their personal data, as well as the validity of ‘smart contracts’ programmed to trade energy on the blockchain network. The analysis has shown that legal entities, such as Limited Liability Partnerships and Co-operative Societies, can play a crucial role in providing the necessary framework to protect consumers engaging in these transactions. This is particularly the case for co-operatives, given that they can hold members liable for not respecting the rules set out in their (compulsory) governing document. These findings are relevant to other European countries, where the energy co-operative model is also used.
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Khot, Mr Meghan Shrinivas, and Dr Jayashri B. Madalgi. "Application of Blockchain in HealthCare: Overview." International Journal for Research in Applied Science and Engineering Technology 11, no. 8 (August 31, 2023): 280–86. http://dx.doi.org/10.22214/ijraset.2023.55186.
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Abstract: Blockchain technology, known for its decentralized and tamper-proof ledgers ensuring data security, has significant attention for its potential to revolutionize the healthcare sector. This paper explores the various applications, benefits, and significant challenges associated with integrating blockchain in healthcare. By enabling seamless data sharing and enhancing interoperability among diverse healthcare providers and systems, this transformative technology lays the foundation for substantial enhancements in patient care and overall healthcare efficiency. One of the key advantages lies in empowering patients by granting them greater control over their health data with informed consent, while fostering unwavering accountability and trust in healthcare transactions through blockchain's transparency. Valuable applications include accelerated clinical research and prevention of counterfeit drugs. However, successful implementation requires addressing scalability, integration, regulatory compliance, and education hurdles through collaborative efforts. In conclusion, blockchain's potential lies in creating a secure, patient-centric, and efficient healthcare ecosystem, ensuring the integrity of medical records and unlocking new possibilities for personalized medicine and data-driven treatment approaches
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Oh, Se-Chang, Min-Soo Kim, Yoon Park, Gyu-Tak Roh, and Chin-Woo Lee. "Implementation of blockchain-based energy trading system." Asia Pacific Journal of Innovation and Entrepreneurship 11, no. 3 (December 4, 2017): 322–34. http://dx.doi.org/10.1108/apjie-12-2017-037.
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Purpose The centralized processes of today’s power trading systems are complex and pose a risk of price tampering and hacking. The decentralized and unmodifiable nature of the blockchain technology that has recently been highlighted offers the potential to improve this power trading process. The purpose of this study is to implement a system to apply the blockchain technology to the problem of power trading. Design/methodology/approach The authors modeled the power trading problem as the interaction between admin, producer and consumer nodes. And a power trading scenario has been created for this model using a blockchain platform called Multichain which is both fast and highly scalable. To verify this scenario, they implemented a trading system using Savoir, a Python-based JsonRPC module. Findings Experimental results show that all processes, such as blockchain creation, node connectivity, asset issuance and exchange transactions have been correctly handled according to the scenario. Originality/value In this study, the authors have proposed and implemented a power trading method that determines price according to the pure market principle and cannot be manipulated or hacked. It is based on the nature of blockchain technology that is decentralized and cannot be tampered.
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Mousavi, Peyman, Mohammad Sadegh Ghazizadeh, and Vahid Vahidinasab. "A Decentralized Blockchain-Based Energy Market for Citizen Energy Communities." Inventions 8, no. 4 (June 30, 2023): 86. http://dx.doi.org/10.3390/inventions8040086.
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Despite the fact that power grids have been planned and utilized using centralized networks for many years, there are now significant changes occurring as a result of the growing number of distributed energy resources, the development of energy storage systems and devices, and the increased use of electric vehicles. In light of this development, it is pertinent to ask what an efficient approach would be to the operation and management of future distribution grids consisting of millions of distributed and even mobile energy elements. Parallel to this evolution in power grids, there has been rapid growth in decentralized management technology due to the development of relevant technologies such as blockchain networks. Blockchain is an advanced technology that enables us to answer the question raised above. This paper introduces a decentralized blockchain network based on the Hyperledger Fabric framework. The proposed framework enables the formation of local energy markets of future citizen energy communities (CECs) through peer-to-peer transactions. In addition, it is designed to ensure adequate load supply and observe the network’s constraints while running an optimal operation point by consensus among all of the players in a CEC. An open-source tool in Python is used to verify the performance of the proposed framework and compare the results. Through its distributed and layered management structure, the proposed blockchain-based framework proves its superior flexibility and proper functioning. Moreover, the results show that the proposed model increases system performance, reduces costs, and reaches an operating point based on consensus among the microgrid elements.
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Ivanchenkova, Larysa, Liubov Shevtsiv, Lyazzat Beisenova, Aliya Shakharova, and Temur Berdiyorov. "Analysis of the Risks of Using the Blockchain Technology in the Accounting and Audit of a Fuel and Energy Complex Enterprise." International Journal of Energy Economics and Policy 13, no. 2 (March 24, 2023): 316–21. http://dx.doi.org/10.32479/ijeep.14047.
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Blockchain is a modern, influential technology that is already transforming organizations and their business models in all business processes, including accounting and auditing. The article identifies and analyzes the risks of blockchain application in accounting and audits of fuel and energy companies. Areas of application of blockchain in accounting and auditing of fuel and energy companies have been determined, which include - integration of cryptocurrency into the accounting system of an energy company, creation of smart contracts, certification of renewable energy sources, automation of accounting and document flow, operational management of energy company assets, accounting of accounts consumption of energy and fuel resources. The risks of using blockchain technology in accounting and auditing of fuel and energy companies are systematized, which are grouped according to the following directions: high requirements of blockchain for energy consumption, lack of sufficient knowledge and skills of accountants in working with blockchain, technical, accounting and auditing problems. An example of choosing an economic risk management strategy of an energy company using maximax, Bayes, Laplace, Wald, Savage, Hurwitz criteria has been developed. The results of the research can be useful for accountants, auditors and managers of fuel and energy companies during the implementation and use of blockchain technology in practical activities.
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Yapa, Charithri, Chamitha de Alwis, and Madhusanka Liyanage. "Can Blockchain Strengthen the Energy Internet?" Network 1, no. 2 (July 26, 2021): 95–115. http://dx.doi.org/10.3390/network1020007.
Full textAbstract:
Emergence of the Energy Internet (EI) demands restructuring of traditional electricity grids to integrate heterogeneous energy sources, distribution network management with grid intelligence and big data management. This paradigm shift is considered to be a breakthrough in the energy industry towards facilitating autonomous and decentralized grid operations while maximizing the utilization of Distributed Generation (DG). Blockchain has been identified as a disruptive technology enabler for the realization of EI to facilitate reliable, self-operated energy delivery. In this paper, we highlight six key directions towards utilizing blockchain capabilities to realize the envisaged EI. We elaborate the challenges in each direction and highlight the role of blockchain in addressing them. Furthermore, we summarize the future research directive in achieving fully autonomous and decentralized electricity distribution networks, which will be known as Energy Internet.