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Design of a Secure Energy Trading Model Based on a Blockchain

Author

Listed:
  • Hoon Ko

    (Instituto Superior de Engenharia do Porto (ISEP)/Polytechnic of Porto (IPP), R. Dr. Antonio Bernardino de Almeida, 431, 4249-015 Porto, Portugal
    These authors contributed equally to this work.)

  • Isabel Praça

    (Instituto Superior de Engenharia do Porto (ISEP)/Polytechnic of Porto (IPP), R. Dr. Antonio Bernardino de Almeida, 431, 4249-015 Porto, Portugal
    These authors contributed equally to this work.)

Abstract

This study proposes a Secure Energy Trading Model design based on a Blockchain is an attempt to overcome the weak security and instability of the current energy trading system. The focal point of the design lies in the user-security features of the model, such as user authentication and identification, and the blockchain that every transaction goes through. The user-security feature provides a safer system for peer-to-peer energy trade, and the blockchain technology ensures the reliability of the trading system. Furthermore, the Secure Energy Trading Model supports a decentralized data control mechanism as a future measure for handling vast amounts of data created by IoT.

Suggested Citation

  • Hoon Ko & Isabel Praça, 2021. "Design of a Secure Energy Trading Model Based on a Blockchain," Sustainability, MDPI, vol. 13(4), pages 1-11, February.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:4:p:1634-:d:492706
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    References listed on IDEAS

    as
    1. Elisabeth Kosnik, 2018. "Production for consumption: Prosumer, citizen†consumer, and ethical consumption in a postgrowth context," Economic Anthropology, Wiley Blackwell, vol. 5(1), pages 123-134, January.
    2. Lee Won Park & Sanghoon Lee & Hangbae Chang, 2018. "A Sustainable Home Energy Prosumer-Chain Methodology with Energy Tags over the Blockchain," Sustainability, MDPI, vol. 10(3), pages 1-18, March.
    3. 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.
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