IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v14y2021i21p7216-d670574.html
   My bibliography  Save this article

Real-Time Bidding Model of Cryptocurrency Energy Trading Platform

Author

Listed:
  • Yue Wu

    (Business School, University of Shanghai for Science and Technology, Shanghai 200093, China)

  • Junxiang Li

    (Business School, University of Shanghai for Science and Technology, Shanghai 200093, China)

  • Jin Gao

    (Business School, University of Shanghai for Science and Technology, Shanghai 200093, China)

Abstract

Blockchain technology provides a comprehensive solution to user access and energy trading for distributed energy Internet. Achieving market-based pricing, increasing the earnings of energy suppliers, attracting foreign capital and facilitating the upgrade of solar and wind energy are pressing issues. Drawing on the practices of centralised exchanges and blockchain cryptocurrency, the author designed the Cryptocurrency Energy Trading Platform (CETP), dividing the permissioned blockchain into the Energy Blockchain Platform (EBP) and the Energy Cryptocurrency Exchange (ECE). The frequently used real-time bidding scenario and the seldom-used power-using scenario are separated from each other. A market welfare model for real-time bidding is established and verified. With Energy Blockchain Cryptocurrency (EBC) as the trading medium, the platform allows external bidders to get involved in the bidding and transactions, which not only attracts the social capital to be used in the development of energy Internet but also helps stabilise the energy market prices, thus, advancing the energy Internet.

Suggested Citation

  • Yue Wu & Junxiang Li & Jin Gao, 2021. "Real-Time Bidding Model of Cryptocurrency Energy Trading Platform," Energies, MDPI, vol. 14(21), pages 1-14, November.
    • Handle: RePEc:gam:jeners:v:14:y:2021:i:21:p:7216-:d:670574
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/14/21/7216/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/14/21/7216/
    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. Reza Arghandeh & Jeremy Woyak & Ahmet Onen & Jaesung Jung & Robert P. Broadwater, 2014. "Economic Optimal Operation of Community Energy Storage Systems in Competitive Energy Markets," Papers 1407.0433, arXiv.org, revised Sep 2014.
    3. Giulio Caldarelli & Cecilia Rossignoli & Alessandro Zardini, 2020. "Overcoming the Blockchain Oracle Problem in the Traceability of Non-Fungible Products," Sustainability, MDPI, vol. 12(6), pages 1-17, March.
    4. Tsao, Yu-Chung & Thanh, Vo-Van, 2021. "Toward sustainable microgrids with blockchain technology-based peer-to-peer energy trading mechanism: A fuzzy meta-heuristic approach," Renewable and Sustainable Energy Reviews, Elsevier, vol. 136(C).
    5. Huang, Weilong & Ma, Ding & Chen, Wenying, 2017. "Connecting water and energy: Assessing the impacts of carbon and water constraints on China’s power sector," Applied Energy, Elsevier, vol. 185(P2), pages 1497-1505.
    6. Alexandre Lucas & Dimitrios Geneiatakis & Yannis Soupionis & Igor Nai-Fovino & Evangelos Kotsakis, 2021. "Blockchain Technology Applied to Energy Demand Response Service Tracking and Data Sharing," Energies, MDPI, vol. 14(7), pages 1-17, March.
    7. Arghandeh, Reza & Woyak, Jeremy & Onen, Ahmet & Jung, Jaesung & Broadwater, Robert P., 2014. "Economic optimal operation of Community Energy Storage systems in competitive energy markets," Applied Energy, Elsevier, vol. 135(C), pages 71-80.
    8. Wang, Longze & Liu, Jinxin & Yuan, Rongfang & Wu, Jing & Zhang, Delong & Zhang, Yan & Li, Meicheng, 2020. "Adaptive bidding strategy for real-time energy management in multi-energy market enhanced by blockchain," Applied Energy, Elsevier, vol. 279(C).
    9. Zhou, Sheng & Zhang, Xiliang, 2010. "Nuclear energy development in China: A study of opportunities and challenges," Energy, Elsevier, vol. 35(11), pages 4282-4288.
    10. Ante, L. & Steinmetz, F. & Fiedler, I., 2021. "Blockchain and energy: A bibliometric analysis and review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 137(C).
    11. Lu, W.T. & Dai, C. & Fu, Z.H. & Liang, Z.Y. & Guo, H.C., 2018. "An interval-fuzzy possibilistic programming model to optimize China energy management system with CO2 emission constraint," Energy, Elsevier, vol. 142(C), pages 1023-1039.
    12. Jiang, Yanni & Zhou, Kaile & Lu, Xinhui & Yang, Shanlin, 2020. "Electricity trading pricing among prosumers with game theory-based model in energy blockchain environment," Applied Energy, Elsevier, vol. 271(C).
    13. Mingchao Xia & Xiaoliang Li, 2013. "Design and Implementation of a High Quality Power Supply Scheme for Distributed Generation in a Micro-Grid," Energies, MDPI, vol. 6(9), pages 1-21, September.
    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. Serkan Seven & Yeliz Yoldas & Ahmet Soran & Gulay Yalcin Alkan & Jaesung Jung & Taha Selim Ustun & Ahmet Onen, 2022. "Energy Trading on a Peer-to-Peer Basis between Virtual Power Plants Using Decentralized Finance Instruments," Sustainability, MDPI, vol. 14(20), pages 1-16, October.

    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. Roth, Tamara & Utz, Manuel & Baumgarte, Felix & Rieger, Alexander & Sedlmeir, Johannes & Strüker, Jens, 2022. "Electricity powered by blockchain: A review with a European perspective," Applied Energy, Elsevier, vol. 325(C).
    2. Yap, Kah Yung & Chin, Hon Huin & Klemeš, Jiří Jaromír, 2023. "Blockchain technology for distributed generation: A review of current development, challenges and future prospect," Renewable and Sustainable Energy Reviews, Elsevier, vol. 175(C).
    3. Liu, Jicheng & Sun, Jiakang & Yuan, Hanying & Su, Yihan & Feng, Shuxian & Lu, Chaoran, 2022. "Behavior analysis of photovoltaic-storage-use value chain game evolution in blockchain environment," Energy, Elsevier, vol. 260(C).
    4. Terlouw, Tom & AlSkaif, Tarek & Bauer, Christian & van Sark, Wilfried, 2019. "Optimal energy management in all-electric residential energy systems with heat and electricity storage," Applied Energy, Elsevier, vol. 254(C).
    5. Hafiz, Faeza & Rodrigo de Queiroz, Anderson & Fajri, Poria & Husain, Iqbal, 2019. "Energy management and optimal storage sizing for a shared community: A multi-stage stochastic programming approach," Applied Energy, Elsevier, vol. 236(C), pages 42-54.
    6. Hyun Cheol Jeong & Jaesung Jung & Byung O Kang, 2020. "Development of Operational Strategies of Energy Storage System Using Classification of Customer Load Profiles under Time-of-Use Tariffs in South Korea," Energies, MDPI, vol. 13(7), pages 1-17, April.
    7. Weitzel, Timm & Glock, Christoph H., 2018. "Energy management for stationary electric energy storage systems: A systematic literature review," European Journal of Operational Research, Elsevier, vol. 264(2), pages 582-606.
    8. Emilio Ghiani & Riccardo Trevisan & Gian Luca Rosetti & Sergio Olivero & Luca Barbero, 2022. "Energetic and Economic Performances of the Energy Community of Magliano Alpi after One Year of Piloting," Energies, MDPI, vol. 15(19), pages 1-19, October.
    9. Ma, Chao-Qun & Lei, Yu-Tian & Ren, Yi-Shuai & Chen, Xun-Qi & Wang, Yi-Ran & Narayan, Seema, 2024. "Systematic analysis of the blockchain in the energy sector: Trends, issues, and future directions," Telecommunications Policy, Elsevier, vol. 48(2).
    10. Abdullah M. Alabdullatif & Enrico H. Gerding & Alvaro Perez-Diaz, 2020. "Market Design and Trading Strategies for Community Energy Markets with Storage and Renewable Supply," Energies, MDPI, vol. 13(4), pages 1-31, February.
    11. Wyman-Pain, Heather & Bian, Yuankai & Thomas, Cain & Li, Furong, 2018. "The economics of different generation technologies for frequency response provision," Applied Energy, Elsevier, vol. 222(C), pages 554-563.
    12. van der Stelt, Sander & AlSkaif, Tarek & van Sark, Wilfried, 2018. "Techno-economic analysis of household and community energy storage for residential prosumers with smart appliances," Applied Energy, Elsevier, vol. 209(C), pages 266-276.
    13. Giulio Caldarelli, 2022. "Overview of Blockchain Oracle Research," Future Internet, MDPI, vol. 14(6), pages 1-38, June.
    14. Han, Xiaojuan & Zhang, Hua & Yu, Xiaoling & Wang, Lina, 2016. "Economic evaluation of grid-connected micro-grid system with photovoltaic and energy storage under different investment and financing models," Applied Energy, Elsevier, vol. 184(C), pages 103-118.
    15. Resch, Matthias & Bühler, Jochen & Klausen, Mira & Sumper, Andreas, 2017. "Impact of operation strategies of large scale battery systems on distribution grid planning in Germany," Renewable and Sustainable Energy Reviews, Elsevier, vol. 74(C), pages 1042-1063.
    16. Dezhou Kong & Jianru Jing & Tingyue Gu & Xuanyue Wei & Xingning Sa & Yimin Yang & Zhiang Zhang, 2023. "Theoretical Analysis of Integrated Community Energy Systems (ICES) Considering Integrated Demand Response (IDR): A Review of the System Modelling and Optimization," Energies, MDPI, vol. 16(10), pages 1-22, May.
    17. Yunusov, Timur & Frame, Damien & Holderbaum, William & Potter, Ben, 2016. "The impact of location and type on the performance of low-voltage network connected battery energy storage systems," Applied Energy, Elsevier, vol. 165(C), pages 202-213.
    18. Sreedharan, P. & Farbes, J. & Cutter, E. & Woo, C.K. & Wang, J., 2016. "Microgrid and renewable generation integration: University of California, San Diego," Applied Energy, Elsevier, vol. 169(C), pages 709-720.
    19. Walker, Awnalisa & Kwon, Soongeol, 2021. "Design of structured control policy for shared energy storage in residential community: A stochastic optimization approach," Applied Energy, Elsevier, vol. 298(C).
    20. Zhang, Chunyu & Wang, Qi & Wang, Jianhui & Korpås, Magnus & Pinson, Pierre & Østergaard, Jacob & Khodayar, Mohammad E., 2016. "Trading strategies for distribution company with stochastic distributed energy resources," Applied Energy, Elsevier, vol. 177(C), pages 625-635.

    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:jeners:v:14:y:2021:i:21:p:7216-:d:670574. 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.