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

Thomas, Lee ORCID:, Long, Chao ORCID:, Burnap, Peter ORCID:, Wu, Jianzhong ORCID: and Jenkins, Nicholas ORCID: 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: 07 May 2023 08:49

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