IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v11y2019i11p3184-d237829.html
   My bibliography  Save this article

The Blockchain Consensus Algorithm for Viable Management of New and Renewable Energies

Author

Listed:
  • Jun-Ho Huh

    (Department of Software, Catholic University of Pusan, Busan 46252, Korea)

  • Seong-Kyu Kim

    (School of Electronic and Electrical Computer Engineering, Sungkyunkwan University, Suwon 110-745, Korea)

Abstract

Efficient information flow in an intelligent system is vital for effectively controlling the entire system. Currently, intelligent systems are used in many industries related to energy production, sustainable agriculture/transport, and intelligent building/cities. Information technology (IT) and information and communication technologies (ICT) play vital roles in introducing technical or technological innovation in these industries as well as establishing a collaborative network. Also, the digitization of existing systems has been quite effective at creating a sustainable global environment as it allows more efficient and well-balanced control of socio-economic factors. However, it has become clear that adopting an intelligent system to achieve innovation, sustainability, and safety may well depend on the quality of the algorithms to be used for that very system. Despite recent controversies, new and renewable energies are considered as a realistic alternative to fossil fuels, which have been integral to modern industries but are regarded as a cause of environmental or economic problems, not to mention their limited deposits. Therefore, since renewable energies will gradually replace existing energy sources but require more time to be fully available, it is essential to find a method of managing them in a fair and transparent way. The United States, Japan, and some European countries are attempting to achieve such a goal by utilizing a blockchain system, but the issues pertaining to its functionality, security, or efficiency have yet to be addressed. This study introduces a viable consensus algorithm (Hyper Delegation Proof of Randomness, or HDPoR algorithm) for blockchain and attempts to validate its parallel computing capability through simulations. This study also attempts to design an efficient but secure peer-to-peer (P2P) transaction service model for these energies for the future where blockchain-based systems will hold a key position in the digitalized world. As its main contribution, this study introduces an effective method of applying blockchain to a new and renewable energy transaction system by presenting a consensus algorithm that can improve its infrastructure and performance.

Suggested Citation

  • Jun-Ho Huh & Seong-Kyu Kim, 2019. "The Blockchain Consensus Algorithm for Viable Management of New and Renewable Energies," Sustainability, MDPI, vol. 11(11), pages 1-26, June.
    • Handle: RePEc:gam:jsusta:v:11:y:2019:i:11:p:3184-:d:237829
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/11/11/3184/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/11/11/3184/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Sikorski, Janusz J. & Haughton, Joy & Kraft, Markus, 2017. "Blockchain technology in the chemical industry: Machine-to-machine electricity market," Applied Energy, Elsevier, vol. 195(C), pages 234-246.
    2. Ting-Chia Ou, 2018. "Design of a Novel Voltage Controller for Conversion of Carbon Dioxide into Clean Fuels Using the Integration of a Vanadium Redox Battery with Solar Energy," Energies, MDPI, vol. 11(3), pages 1-10, February.
    3. Chen, Yan, 2018. "Blockchain tokens and the potential democratization of entrepreneurship and innovation," Business Horizons, Elsevier, vol. 61(4), pages 567-575.
    4. Ou, Ting-Chia & Hong, Chih-Ming, 2014. "Dynamic operation and control of microgrid hybrid power systems," Energy, Elsevier, vol. 66(C), pages 314-323.
    5. Seong-Kyu Kim & Ung-Mo Kim & Jun-Ho Huh, 2019. "A Study on Improvement of Blockchain Application to Overcome Vulnerability of IoT Multiplatform Security," Energies, MDPI, vol. 12(3), pages 1-29, January.
    6. Ahmad, Salman & Tahar, Razman Mat, 2014. "Selection of renewable energy sources for sustainable development of electricity generation system using analytic hierarchy process: A case of Malaysia," Renewable Energy, Elsevier, vol. 63(C), pages 458-466.
    7. Jun-Ho Huh, 2018. "Server Operation and Virtualization to Save Energy and Cost in Future Sustainable Computing," Sustainability, MDPI, vol. 10(6), pages 1-20, June.
    8. Andoni, Merlinda & Robu, Valentin & Flynn, David & Abram, Simone & Geach, Dale & Jenkins, David & McCallum, Peter & Peacock, Andrew, 2019. "Blockchain technology in the energy sector: A systematic review of challenges and opportunities," Renewable and Sustainable Energy Reviews, Elsevier, vol. 100(C), pages 143-174.
    9. Van-Hai Bui & Akhtar Hussain & Hak-Man Kim, 2017. "Optimal Operation of Microgrids Considering Auto-Configuration Function Using Multiagent System," Energies, MDPI, vol. 10(10), pages 1-16, September.
    10. Seong-Kyu Kim & Jun-Ho Huh, 2018. "A Study on the Improvement of Smart Grid Security Performance and Blockchain Smart Grid Perspective," Energies, MDPI, vol. 11(8), pages 1-22, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Rahel Mandaroux & Chuanwen Dong & Guodong Li, 2021. "A European Emissions Trading System Powered by Distributed Ledger Technology: An Evaluation Framework," Sustainability, MDPI, vol. 13(4), pages 1-21, February.
    2. Perrons, Robert K. & Cosby, Tonya, 2020. "Applying blockchain in the geoenergy domain: The road to interoperability and standards," Applied Energy, Elsevier, vol. 262(C).
    3. Aiya Li & Xianhua Wei & Zhou He, 2020. "Robust Proof of Stake: A New Consensus Protocol for Sustainable Blockchain Systems," Sustainability, MDPI, vol. 12(7), pages 1-15, April.
    4. Hamzah Khan & Tariq Masood, 2022. "Impact of Blockchain Technology on Smart Grids," Energies, MDPI, vol. 15(19), pages 1-27, September.
    5. Abderahman Rejeb & John G. Keogh & Suhaiza Zailani & Horst Treiblmaier & Karim Rejeb, 2020. "Blockchain Technology in the Food Industry: A Review of Potentials, Challenges and Future Research Directions," Logistics, MDPI, vol. 4(4), pages 1-26, October.
    6. Xiaolin Li & Hongbo Jiao & Liming Cheng & Yilin Yin & Huimin Li & Wenqing Mu & Ruirui Zhang, 2023. "A Quantitative and Qualitative Review of Blockchain Research from 2015 to 2021," Sustainability, MDPI, vol. 15(6), pages 1-20, March.
    7. Michael Paul Kramer & Linda Bitsch & Jon Hanf, 2021. "Blockchain and Its Impacts on Agri-Food Supply Chain Network Management," Sustainability, MDPI, vol. 13(4), pages 1-22, February.
    8. Seong-Kyu Kim & Jun-Ho Huh, 2020. "Blockchain of Carbon Trading for UN Sustainable Development Goals," Sustainability, MDPI, vol. 12(10), pages 1-32, May.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Seong-Kyu Kim & Jun-Ho Huh, 2020. "Blockchain of Carbon Trading for UN Sustainable Development Goals," Sustainability, MDPI, vol. 12(10), pages 1-32, May.
    2. Yongsheng Cao & Guanglin Zhang & Demin Li & Lin Wang & Zongpeng Li, 2018. "Online Energy Management and Heterogeneous Task Scheduling for Smart Communities with Residential Cogeneration and Renewable Energy," Energies, MDPI, vol. 11(8), pages 1-20, August.
    3. Il-Seok Choi & Akhtar Hussain & Van-Hai Bui & Hak-Man Kim, 2018. "A Multi-Agent System-Based Approach for Optimal Operation of Building Microgrids with Rooftop Greenhouse," Energies, MDPI, vol. 11(7), pages 1-24, July.
    4. Gao, Zhikun & Yu, Junqi & Zhao, Anjun & Hu, Qun & Yang, Siyuan, 2022. "A hybrid method of cooling load forecasting for large commercial building based on extreme learning machine," Energy, Elsevier, vol. 238(PC).
    5. Garg, Poonam & Gupta, Bhumika & Chauhan, Ajay Kumar & Sivarajah, Uthayasankar & Gupta, Shivam & Modgil, Sachin, 2021. "Measuring the perceived benefits of implementing blockchain technology in the banking sector," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    6. Athila Quaresma Santos & Zheng Ma & Casper Gellert Olsen & Bo Nørregaard Jørgensen, 2018. "Framework for Microgrid Design Using Social, Economic, and Technical Analysis," Energies, MDPI, vol. 11(10), pages 1-22, October.
    7. Seong-Kyu Kim & Ung-Mo Kim & Jun-Ho Huh, 2019. "A Study on Improvement of Blockchain Application to Overcome Vulnerability of IoT Multiplatform Security," Energies, MDPI, vol. 12(3), pages 1-29, January.
    8. Vaclovas Miskinis & Arvydas Galinis & Inga Konstantinaviciute & Vidas Lekavicius & Eimantas Neniskis, 2019. "Comparative Analysis of the Energy Sector Development Trends and Forecast of Final Energy Demand in the Baltic States," Sustainability, MDPI, vol. 11(2), pages 1-27, January.
    9. Mahmoona Khalil & Kausar Fiaz Khawaja & Muddassar Sarfraz, 2022. "The adoption of blockchain technology in the financial sector during the era of fourth industrial revolution: a moderated mediated model," Quality & Quantity: International Journal of Methodology, Springer, vol. 56(4), pages 2435-2452, August.
    10. Andrés Henao-Muñoz & Andrés Saavedra-Montes & Carlos Ramos-Paja, 2018. "Optimal Power Dispatch of Small-Scale Standalone Microgrid Located in Colombian Territory," Energies, MDPI, vol. 11(7), pages 1-20, July.
    11. Ussama Assad & Muhammad Arshad Shehzad Hassan & Umar Farooq & Asif Kabir & Muhammad Zeeshan Khan & S. Sabahat H. Bukhari & Zain ul Abidin Jaffri & Judit Oláh & József Popp, 2022. "Smart Grid, Demand Response and Optimization: A Critical Review of Computational Methods," Energies, MDPI, vol. 15(6), pages 1-36, March.
    12. Thai-Thanh Nguyen & Hyeong-Jun Yoo & Hak-Man Kim & Huy Nguyen-Duc, 2018. "Direct Phase Angle and Voltage Amplitude Model Predictive Control of a Power Converter for Microgrid Applications," Energies, MDPI, vol. 11(9), pages 1-21, August.
    13. Chand Bhatt, Priyanka & Kumar, Vimal & Lu, Tzu-Chuen & Daim, Tugrul, 2021. "Technology convergence assessment: Case of blockchain within the IR 4.0 platform," Technology in Society, Elsevier, vol. 67(C).
    14. Christophe Schinckus & Canh Phuc Nguyen & Felicia Chong Hui Ling, 2020. "Crypto-currencies Trading and Energy Consumption," International Journal of Energy Economics and Policy, Econjournals, vol. 10(3), pages 355-364.
    15. Seong-Kyu Kim & Jun-Ho Huh, 2018. "A Study on the Improvement of Smart Grid Security Performance and Blockchain Smart Grid Perspective," Energies, MDPI, vol. 11(8), pages 1-22, July.
    16. Esmat, Ayman & de Vos, Martijn & Ghiassi-Farrokhfal, Yashar & Palensky, Peter & Epema, Dick, 2021. "A novel decentralized platform for peer-to-peer energy trading market with blockchain technology," Applied Energy, Elsevier, vol. 282(PA).
    17. Gourisetti, Sri Nikhil Gupta & Sebastian-Cardenas, D. Jonathan & Bhattarai, Bishnu & Wang, Peng & Widergren, Steve & Borkum, Mark & Randall, Alysha, 2021. "Blockchain smart contract reference framework and program logic architecture for transactive energy systems," Applied Energy, Elsevier, vol. 304(C).
    18. Tseng, Fang-Mei & Palma Gil, Eunice Ina N. & Lu, Louis Y.Y., 2021. "Developmental trajectories of blockchain research and its major subfields," Technology in Society, Elsevier, vol. 66(C).
    19. Jinming Jiang & Xindong Wei & Weijun Gao & Soichiro Kuroki & Zhonghui Liu, 2018. "Reliability and Maintenance Prioritization Analysis of Combined Cooling, Heating and Power Systems," Energies, MDPI, vol. 11(6), pages 1-24, June.
    20. Cerchione, Roberto & Centobelli, Piera & Riccio, Emanuela & Abbate, Stefano & Oropallo, Eugenio, 2023. "Blockchain’s coming to hospital to digitalize healthcare services: Designing a distributed electronic health record ecosystem," Technovation, Elsevier, vol. 120(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:11:y:2019:i:11:p:3184-:d:237829. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.