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

Thomas, Lee, Long, Chao, Burnap, Peter, Wu, Jianzhong and Jenkins, Nicholas 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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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
Subjects: T Technology > TK Electrical engineering. Electronics Nuclear engineering
Publisher: IET
ISSN: 2515-0855
Funders: EPSRC
Related URLs:
Date of First Compliant Deposit: 23 February 2018
Date of Acceptance: 3 July 2017
Last Modified: 28 Jul 2020 01:35

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