Automation of the supplier role in the GB power system using blockchain based smart contracts

Thomas, Lee ORCID: https://orcid.org/0000-0002-4602-5102, Long, Chao ORCID: https://orcid.org/0000-0002-5348-8404, Burnap, Peter ORCID: https://orcid.org/0000-0003-0396-633X, Wu, Jianzhong ORCID: https://orcid.org/0000-0001-7928-3602 and Jenkins, Nicholas ORCID: https://orcid.org/0000-0003-3082-6260 2017. Automation of the supplier role in the GB power system using blockchain based smart contracts. CIRED - Open Access Proceedings Journal 2017 (1) , pp. 2619-2623. 10.1049/oap-cired.2017.0987

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Abstract

An electricity supply smart contract was developed and demonstrated to perform pre-time-of-use price negotiation between demand and generation and posttime- of-use settlement and payment. The smart contract was demonstrated with 1000 loads/generators with usages simulated using lognormal probability distributions. It combines payment of deposit, negotiation of price based on estimates, settlement based on actual usage and enactment of payments using crypto-currency. The settlement procedure rewards customers that adjusted to balance the system. The smart contract was written in the Solidity programming language and implemented with a simulated Ethereum blockchain using testrpc and go-ethereum. In the example test case, a price was agreed, settled and payment enacted.

Item Type:	Article
Date Type:	Published Online
Status:	Published
Schools:	Computer Science & Informatics Engineering
Subjects:	T Technology > TK Electrical engineering. Electronics Nuclear engineering
Publisher:	IET
ISSN:	2515-0855
Funders:	EPSRC
Related URLs:	Organisation Organisation http://digital-library.theiet.org/conten...
Date of First Compliant Deposit:	23 February 2018
Date of Acceptance:	3 July 2017
Last Modified:	20 Sep 2024 16:45
URI:	https://orca.cardiff.ac.uk/id/eprint/109428

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• Automation of the supplier role in the GB power system using blockchain based smart contracts. (deposited 18 Jul 2017 14:07)
  • Automation of the supplier role in the GB power system using blockchain based smart contracts. (deposited 23 Feb 2018 16:20) [Currently Displayed]

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