- Title
- Blockchain based smart auction mechanism for distributed peer-to-peer energy trading
- Creator
- Islam, Md Ezazul; Chetty, Madhu; Lim, Suryani; Chadhar, Mehmood; Islam, Syed
- Date
- 2022
- Type
- Text; Conference paper
- Identifier
- http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/192858
- Identifier
- vital:18072
- Identifier
- ISBN:1530-1605 (ISSN); 9780998133157 (ISBN)
- Abstract
- Blockchain based framework provides data immutability in a distributed network. In this paper, we investigate the application of blockchain for peer-to-peer (P2P) energy trading. Traditional energy trading systems use simple passing mechanisms and basic pricing methods, thus adversely affect the efficiency and buyers' social welfare. We propose a blockchain based energy trading mechanism that uses smart passing of unspent auction reservations to (a) minimise the time taken to settle an auction (convergence time), (b) maximise the number of auction settlement; and (c) incorporate second-price auction pricing to maximise buyers' social welfare in a distributed double auction environment. The entire mechanism is implemented within Hyperledger Fabric, an open-source blockchain framework, to manage the data and provide smart contracts. Experiments show that our approach minimises the convergence time, maximises the number of auction settlement, and increases the social welfare of buyers compared to existing methods. © 2022 IEEE Computer Society. All rights reserved.
- Publisher
- IEEE Computer Society
- Relation
- 55th Annual Hawaii International Conference on System Sciences, HICSS 2022, Virtual, online, 3-7 January 2022, Proceedings of the Annual Hawaii International Conference on System Sciences Vol. 2022-January, p. 6013-6022
- Rights
- All metadata describing materials held in, or linked to, the repository is freely available under a CC0 licence
- Rights
- https://creativecommons.org/licenses/by-nc-nd/4.0/
- Rights
- Copyright © 2022 IEEE Computer Society
- Rights
- Open Access
- Full Text
- Reviewed
- Funder
- Federation University Australia
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