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A general form of smart contract for decentralized energy systems management

Author

Listed:
  • Lee Thomas

    (Cardiff University)

  • Yue Zhou

    (Cardiff University)

  • Chao Long

    (Cardiff University)

  • Jianzhong Wu

    (Cardiff University)

  • Nick Jenkins

    (Cardiff University)

Abstract

Smart contract platforms have the potential to allow shared automatic control of energy transfer within networks in a replicable, secure, verifiable and trustworthy way. Here we present a general form of smart contract which captures the elements needed for shared control that will help formalize decentralization. Two mechanisms were defined for agreement of control instructions for a medium-voltage direct-current (MVDC) link connecting two separately operated 33 kV distribution networks. These were instantiated as smart contracts and were evaluated in terms of cost and the computational requirements for their execution. Real network and converter data from the ANGLE-DC demonstration project were used to model the MVDC link. We demonstrate that using smart contracts to agree control instructions between different parties is feasible. The potential for shared control using smart contracts gives operators and regulators a way of defining and decentralizing operating responsibilities within energy systems.

Suggested Citation

  • Lee Thomas & Yue Zhou & Chao Long & Jianzhong Wu & Nick Jenkins, 2019. "A general form of smart contract for decentralized energy systems management," Nature Energy, Nature, vol. 4(2), pages 140-149, February.
    • Handle: RePEc:nat:natene:v:4:y:2019:i:2:d:10.1038_s41560-018-0317-7
    DOI: 10.1038/s41560-018-0317-7
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