Table 13 Blockchain-based safe energy trading techniques
Application | Used technical approaches | Description | Type | Advantages | Disadvantages |
|---|---|---|---|---|---|
Transactive energy [230] | Smart Contract | Enabling DERs to trade energy quickly and securely via blockchain-based AMI | Public Blockchain | No intermediaries or brokers needed for agreement confirmation which eliminates third party interference | Difficult to change the error and chance of loopholes |
Decentralized Demand Response Regulation Program [231] | Smart Contract, Proof of Stake (PoS), Ethereum platform | A distributed system with blockchain technology to store smart meter data and use it to balance supply and demand | Public Blockchain | High scalability with fast transactions | Privacy security is poor |
Transparent and Traceable Energy [232] | Smart Contract Group signature, Edge computing, Covert Channel Authorization Technique, Pseudo names, Voting-based consensus | Using an authorized blockchain in a SG to assure privacy as well as energy security (traceable and transparent energy usage | Permissioned Blockchain | Better response time and less latency between all devices | Large storage capacity is needed which drives up cost |
Information on Energy demand and supply [233] | Smart Contract, PoS consensus, Lagrange Relaxation algorithm | A privacy protecting efficient scheduling strategy is used for energy service providers | N/A | Removes different grid constraints | Requires multiple iterations for a good result |
Peer-to-peer (P2P) energy trading [234] | E-wallet (Credit-based), Stackelberg Game Theory | Decentralized power trading between producers and consumers and consumers, support for renewable energy production | Consortium Blockchain | Provides strong security for data | Not suitable for large scale energy trading |
DCT (Decentralized energy trading) and cost [235] | Proof of Work (PoW), Multi-signature, Anonymous Messaging Streams, Elliptic Curve Digital Signature Algorithm (ECDSA) | Implementation of secure energy exchanges enabled by blockchain and confidentiality strategies for energy price negotiation | N/A | Overcomes transaction limitations and ensures optimal pricing | Extreme scenarios are not tested |
SG Energy Trading [236] | Smart Contract, PoS | A blockchain consortium with effective, adaptable, and protected energy trading | Consortium Blockchain | Ensures transaction security without relying on third party | Large scale data replication faces problems |
Energy trading in Vehicle to Grid (V2G) configuration [237] | PBFT consensus mechanism, (Elliptic curve cryptography) | An EV incentive program with multilevel authentication scheme enabled by blockchain for energy transactions on V2G networks | Consortium Blockchain | No risk of centralization of data because of increased frequency of transaction | Security implementation for lengthy datasets faces difficulty |
Power trading between Electric Vehicles [238] | Smart contracts, Energy Coins | Privacy protection and trading of surplus energy between for EVs | Consortium Blockchain | Faster processing time with reduced cost | The data are immutable throughout the whole process |
P2P power trading [239] | Smart contract, Redundant Byzantine Fault Tolerance (RBFT) | An industrial control architecture based on blockchain to guarantee effective data, an ICS BlockOpS system consistency | Permissioned Blockchain | A robust system is used for ensuring increased security | Efficiency falls in the case of closed loop system |
Commercial Cyber-Physica System [240] | Access Control Lists (ACL), PoW | Blockchain is used widely for access control list in cost per sale | Private Blockchain | High security with simple mechanism | Requires high energy usage |
EV charging providers [241] | Contract theory, Reputation based DBFT consensus, Smart Contract | Blockchain is widely used in EV charging | Permissioned Blockchain | Decreased tolerance towards malicious users strengthens overall security | Multi-operator market is not tested |
Safety and Privacy protecting technique [242] | Bloom Filter, Data Aggregation, authentication techniques | User data privacy and protection | Private Blockchain | Proper utilization of space removes false results | Cannot remove or delete input data |
Power Production and Distribution [243] | Smart contract, dApps, control of distortion using power electronics devices | Ensure defense from cyber-attacks and abnormality control assessment | Consortium Blockchain | Better adaptability with extra privacy protection for users’ data | Difficulty arises in maintenance and scaling |