IDEAS home Printed from https://ideas.repec.org/a/gam/jmathe/v10y2022i15p2748-d879286.html
   My bibliography  Save this article

Blockchain and Double Auction-Based Trustful EVs Energy Trading Scheme for Optimum Pricing

Author

Listed:
  • Riya Kakkar

    (Department of Computer Science and Engineering, Institute of Technology, Nirma University, Ahmedabad 382481, Gujarat, India)

  • Rajesh Gupta

    (Department of Computer Science and Engineering, Institute of Technology, Nirma University, Ahmedabad 382481, Gujarat, India)

  • Smita Agrawal

    (Department of Computer Science and Engineering, Institute of Technology, Nirma University, Ahmedabad 382481, Gujarat, India)

  • Pronaya Bhattacharya

    (Department of Computer Science and Engineering, Institute of Technology, Nirma University, Ahmedabad 382481, Gujarat, India)

  • Sudeep Tanwar

    (Department of Computer Science and Engineering, Institute of Technology, Nirma University, Ahmedabad 382481, Gujarat, India)

  • Maria Simona Raboaca

    (National Research and Development Institute for Cryogenic and Isotopic Technologies—ICSI Rm. Valcea, Uzinei Street, No. 4, P.O. Box 7 Raureni, 240050 Râmnicu Valcea, Romania)

  • Fayez Alqahtani

    (Software Engineering Department, College of Computer and Information Sciences, King Saud University, Riyadh 12372, Saudi Arabia)

  • Amr Tolba

    (Computer Science Department, Community College, King Saud University, Riyadh 11437, Saudi Arabia)

Abstract

Electric vehicles (EVs) have gained prominence in smart transportation due to their unparalleled benefits of reduced carbon footprints, improved performance, and intelligent energy trading mechanisms. These potential benefits have increased EV adoption at massive scales, but energy management in EVs is a critical study problem. The problem is further intensified due to the scarcity of charging stations (CSs) in near EV proximity. Moreover, as energy transactions occur over open channels, it presents critical security, privacy, and trust issues among decentralized channels. To address the open limitations of trusted energy management and optimize the pricing control among EV entities (i.e., prosumers and consumers), the paper proposes a scheme that integrates blockchain and a truthful double auction strategy for trustful EV trading. To address the transaction scalability, we integrate an Interplanetary File System (IPFS) with a double auction mechanism handled through the Remix Smart Contract environment. The double auction leverages an optimal payoff condition between peer EVs. To address the communication latency, we present the scheme at the backdrop of Fifth Generation (5G) networks that minimizes the optimal payoff response time. The scheme is simulated against parameters such as convergence, profit for consumers, computation time, and blockchain analysis regarding node commit latency, collusion attacks, and EV energy consumption. The results indicate the scheme’s viability against traditional (non-blockchain) approaches with high reliability, scalability, and improved cost-efficiency.

Suggested Citation

  • Riya Kakkar & Rajesh Gupta & Smita Agrawal & Pronaya Bhattacharya & Sudeep Tanwar & Maria Simona Raboaca & Fayez Alqahtani & Amr Tolba, 2022. "Blockchain and Double Auction-Based Trustful EVs Energy Trading Scheme for Optimum Pricing," Mathematics, MDPI, vol. 10(15), pages 1-24, August.
    • Handle: RePEc:gam:jmathe:v:10:y:2022:i:15:p:2748-:d:879286
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-7390/10/15/2748/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2227-7390/10/15/2748/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Bogdan-Constantin Neagu & Ovidiu Ivanov & Gheorghe Grigoras & Mihai Gavrilas, 2020. "A New Vision on the Prosumers Energy Surplus Trading Considering Smart Peer-to-Peer Contracts," Mathematics, MDPI, vol. 8(2), pages 1-27, February.
    2. Sara Saberi & Mahtab Kouhizadeh & Joseph Sarkis & Lejia Shen, 2019. "Blockchain technology and its relationships to sustainable supply chain management," International Journal of Production Research, Taylor & Francis Journals, vol. 57(7), pages 2117-2135, April.
    3. Manpreet Kaur & Shikha Gupta & Deepak Kumar & Chaman Verma & Bogdan-Constantin Neagu & Maria Simona Raboaca, 2022. "Delegated Proof of Accessibility (DPoAC): A Novel Consensus Protocol for Blockchain Systems," Mathematics, MDPI, vol. 10(13), pages 1-17, July.
    4. Mariusz Kaleta, 2014. "Price of Fairness on Networked Auctions," Journal of Applied Mathematics, Hindawi, vol. 2014, pages 1-7, July.
    5. Sijie Chen & Hanning Mi & Jian Ping & Zheng Yan & Zeyu Shen & Xuezhi Liu & Ning Zhang & Qing Xia & Chongqing Kang, 2022. "A blockchain consensus mechanism that uses Proof of Solution to optimize energy dispatch and trading," Nature Energy, Nature, vol. 7(6), pages 495-502, June.
    6. Emilio Abad-Segura & Alfonso Infante-Moro & Mariana-Daniela González-Zamar & Eloy López-Meneses, 2021. "Blockchain Technology for Secure Accounting Management: Research Trends Analysis," Mathematics, MDPI, vol. 9(14), pages 1-26, July.
    7. Austmann, Leonhard M., 2021. "Drivers of the electric vehicle market: A systematic literature review of empirical studies," Finance Research Letters, Elsevier, vol. 41(C).
    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. Zhang, Junhuan, 2018. "Influence of individual rationality on continuous double auction markets with networked traders," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 495(C), pages 353-392.
    10. Adriana Tiron-Tudor & Delia Deliu, 2021. "Big Data’s Disruptive Effect on Job Profiles: Management Accountants’ Case Study," JRFM, MDPI, vol. 14(8), pages 1-26, August.
    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. Arsenii Vilkov & Gang Tian, 2023. "Blockchain’s Scope and Purpose in Carbon Markets: A Systematic Literature Review," Sustainability, MDPI, vol. 15(11), pages 1-27, May.
    2. Irvylle Cavalcante & Jamilson Júnior & Jônatas Augusto Manzolli & Luiz Almeida & Mauro Pungo & Cindy Paola Guzman & Hugo Morais, 2023. "Electric Vehicles Charging Using Photovoltaic Energy Surplus: A Framework Based on Blockchain," Energies, MDPI, vol. 16(6), pages 1-23, March.

    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. 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.
    2. Naif Al Azmi & Ghaleb Sweis & Rateb Sweis & Farouq Sammour, 2022. "Exploring Implementation of Blockchain for the Supply Chain Resilience and Sustainability of the Construction Industry in Saudi Arabia," Sustainability, MDPI, vol. 14(11), pages 1-17, May.
    3. Xiwen Fu & Shuxin Wang, 2022. "How to Promote Low-Carbon Cities with Blockchain Technology? A Blockchain-Based Low-Carbon Development Model for Chinese Cities," Sustainability, MDPI, vol. 14(20), pages 1-17, October.
    4. Marco Galici & Mario Mureddu & Emilio Ghiani & Fabrizio Pilo, 2022. "Blockchain-Based Hardware-in-the-Loop Simulation of a Decentralized Controller for Local Energy Communities," Energies, MDPI, vol. 15(20), pages 1-25, October.
    5. Weichu Deng & Teng Huang & Haiyang Wang, 2022. "A Review of the Key Technology in a Blockchain Building Decentralized Trust Platform," Mathematics, MDPI, vol. 11(1), pages 1-29, December.
    6. Gloria Luzzani & Erica Grandis & Marco Frey & Ettore Capri, 2021. "Blockchain Technology in Wine Chain for Collecting and Addressing Sustainable Performance: An Exploratory Study," Sustainability, MDPI, vol. 13(22), pages 1-17, November.
    7. 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).
    8. Kouhizadeh, Mahtab & Saberi, Sara & Sarkis, Joseph, 2021. "Blockchain technology and the sustainable supply chain: Theoretically exploring adoption barriers," International Journal of Production Economics, Elsevier, vol. 231(C).
    9. Yildizbasi, Abdullah, 2021. "Blockchain and renewable energy: Integration challenges in circular economy era," Renewable Energy, Elsevier, vol. 176(C), pages 183-197.
    10. Capper, Timothy & Gorbatcheva, Anna & Mustafa, Mustafa A. & Bahloul, Mohamed & Schwidtal, Jan Marc & Chitchyan, Ruzanna & Andoni, Merlinda & Robu, Valentin & Montakhabi, Mehdi & Scott, Ian J. & Franci, 2022. "Peer-to-peer, community self-consumption, and transactive energy: A systematic literature review of local energy market models," Renewable and Sustainable Energy Reviews, Elsevier, vol. 162(C).
    11. Kimani, Danson & Adams, Kweku & Attah-Boakye, Rexford & Ullah, Subhan & Frecknall-Hughes, Jane & Kim, Ja, 2020. "Blockchain, business and the fourth industrial revolution: Whence, whither, wherefore and how?," Technological Forecasting and Social Change, Elsevier, vol. 161(C).
    12. 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).
    13. Orji, Ifeyinwa Juliet & Kusi-Sarpong, Simonov & Huang, Shuangfa & Vazquez-Brust, Diego, 2020. "Evaluating the factors that influence blockchain adoption in the freight logistics industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 141(C).
    14. Bai, Chunguang & Zhu, Qingyun & Sarkis, Joseph, 2021. "Joint blockchain service vendor-platform selection using social network relationships: A multi-provider multi-user decision perspective," International Journal of Production Economics, Elsevier, vol. 238(C).
    15. Abdin, Zainul, 2024. "Empowering the hydrogen economy: The transformative potential of blockchain technology," Renewable and Sustainable Energy Reviews, Elsevier, vol. 200(C).
    16. Schwidtal, J.M. & Piccini, P. & Troncia, M. & Chitchyan, R. & Montakhabi, M. & Francis, C. & Gorbatcheva, A. & Capper, T. & Mustafa, M.A. & Andoni, M. & Robu, V. & Bahloul, M. & Scott, I.J. & Mbavarir, 2023. "Emerging business models in local energy markets: A systematic review of peer-to-peer, community self-consumption, and transactive energy models," Renewable and Sustainable Energy Reviews, Elsevier, vol. 179(C).
    17. 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).
    18. Fredy Andres Aponte-Novoa & Ricardo Villanueva-Polanco, 2022. "On Proof-of-Accuracy Consensus Protocols," Mathematics, MDPI, vol. 10(14), pages 1-27, July.
    19. Fernando, Yudi & Rozuar, Nor Hazwani Mohd & Mergeresa, Fineke, 2021. "The blockchain-enabled technology and carbon performance: Insights from early adopters," Technology in Society, Elsevier, vol. 64(C).
    20. Moritz Böhmecke‐Schwafert & Marie Wehinger & Robin Teigland, 2022. "Blockchain for the circular economy: Theorizing blockchain's role in the transition to a circular economy through an empirical investigation," Business Strategy and the Environment, Wiley Blackwell, vol. 31(8), pages 3786-3801, December.

    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:jmathe:v:10:y:2022:i:15:p:2748-:d:879286. 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.