Implementation of blockchain-based energy trading system
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 p...
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doaj-4494528d9cde4b7bbdcb460927e9c3792020-11-25T01:38:36ZengEmerald PublishingAsia Pacific Journal of Innovation and Entrepreneurship2071-13952398-78122017-12-0111332233410.1108/APJIE-12-2017-037602557Implementation of blockchain-based energy trading systemSe-Chang Oh0Min-Soo Kim1Yoon Park2Gyu-Tak Roh3Chin-Woo Lee4Sejong Cyber University, Seoul, Republic of KoreaCha University, Gyeonggi-do, Republic of KoreaCha University, Gyeonggi-do, Republic of KoreaCha University, Gyeonggi-do, Republic of KoreaCha University, Gyeonggi-do, Republic of KoreaPurpose - 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.https://www.emeraldinsight.com/doi/pdfplus/10.1108/APJIE-12-2017-037DecentralizationBlockchainSecurityPower tradingSmart contractExchange transaction |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Se-Chang Oh Min-Soo Kim Yoon Park Gyu-Tak Roh Chin-Woo Lee |
spellingShingle |
Se-Chang Oh Min-Soo Kim Yoon Park Gyu-Tak Roh Chin-Woo Lee Implementation of blockchain-based energy trading system Asia Pacific Journal of Innovation and Entrepreneurship Decentralization Blockchain Security Power trading Smart contract Exchange transaction |
author_facet |
Se-Chang Oh Min-Soo Kim Yoon Park Gyu-Tak Roh Chin-Woo Lee |
author_sort |
Se-Chang Oh |
title |
Implementation of blockchain-based energy trading system |
title_short |
Implementation of blockchain-based energy trading system |
title_full |
Implementation of blockchain-based energy trading system |
title_fullStr |
Implementation of blockchain-based energy trading system |
title_full_unstemmed |
Implementation of blockchain-based energy trading system |
title_sort |
implementation of blockchain-based energy trading system |
publisher |
Emerald Publishing |
series |
Asia Pacific Journal of Innovation and Entrepreneurship |
issn |
2071-1395 2398-7812 |
publishDate |
2017-12-01 |
description |
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. |
topic |
Decentralization Blockchain Security Power trading Smart contract Exchange transaction |
url |
https://www.emeraldinsight.com/doi/pdfplus/10.1108/APJIE-12-2017-037 |
work_keys_str_mv |
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1725052863563956224 |