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A blockchain-based peer-to-peer trading scheme coupling energy and carbon markets.

Hua, Weiqi and Sun, Hongjian (2019) 'A blockchain-based peer-to-peer trading scheme coupling energy and carbon markets.', in 2019 International Conference on Smart Energy Systems and Technologies (SEST) ; proceedings. .

Abstract

Climate change enforces the integration of distributed renewable energy sources and development of carbon price scheme. Whilst the energy is traded among distributed prosumers, the carbon responsibilities and corresponding allowances trading need to be transferred from large-scale energy suppliers to prosumers. During this transformation, the issues of energy imbalance, carbon reduction imbalance, and residential privacy leakage in centralised trading market present serious challenges. In this paper, we propose a fully decentralised blockchain-based peer-to-peer trading scheme coupling energy and carbon markets. We implement pay-to-public-key-hash with multiple signatures as a transaction standard to realise a more secure transaction and reduced storage burden of senders. A script is hashed during the wallet address generation for each new transaction to protect residential privacy. A novel carbon accounting method and corresponding incentive mechanism for carbon reduction are designed to evaluate emission behaviours of distributed prosumers. Case studies demonstrate that the proposed scheme leads a reduced costs and carbon emissions compared to centralised trading systems and existing blockchain-based trading schemes.

Item Type:Book chapter
Full text:(AM) Accepted Manuscript
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Status:Peer-reviewed
Publisher Web site:https://doi.org/10.1109/SEST.2019.8849111
Publisher statement:© 2019 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.
Date accepted:17 June 2019
Date deposited:28 June 2019
Date of first online publication:2019
Date first made open access:13 November 2019

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