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

Author

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  • 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
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    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. 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.
    7. Chen, Yan, 2018. "Blockchain tokens and the potential democratization of entrepreneurship and innovation," Business Horizons, Elsevier, vol. 61(4), pages 567-575.
    8. 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.
    9. Ou, Ting-Chia & Hong, Chih-Ming, 2014. "Dynamic operation and control of microgrid hybrid power systems," Energy, Elsevier, vol. 66(C), pages 314-323.
    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.
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    Cited by:

    1. Yang, Shengyao & Zhu, Meng Nan & Yu, Haiyan, 2024. "Are artificial intelligence and blockchain the key to unlocking the box of clean energy?," Energy Economics, Elsevier, vol. 134(C).
    2. 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.
    3. Hamzah Khan & Tariq Masood, 2022. "Impact of Blockchain Technology on Smart Grids," Energies, MDPI, vol. 15(19), pages 1-27, September.
    4. 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.
    5. 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.
    6. 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.
    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. Perrons, Robert K. & Cosby, Tonya, 2020. "Applying blockchain in the geoenergy domain: The road to interoperability and standards," Applied Energy, Elsevier, vol. 262(C).
    9. 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.

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