A Block-Free Distributed Ledger for P2P Energy Trading: Case with IOTA?

Joon Park; Ruzanna Chitchyan; Anastasia Angelopoulou; Jordan Murkin

doi:10.1007/978-3-030-21290-2_8

A Block-Free Distributed Ledger for P2P Energy Trading: Case with IOTA?

Joon Park, Ruzanna Chitchyan, Anastasia Angelopoulou, Jordan Murkin

Research output: Chapter in Book/Report/Conference proceeding › Conference Contribution (Conference Proceeding)

13 Citations (Scopus)

267 Downloads (Pure)

Abstract

Across the world, the organisation and operation of the electricity markets is quickly changing, moving towards decentralised, distributed, renewables-based generation with real-time data exchange-based solutions. In order to support this change, blockchain-based distributed ledgers have been proposed for implementation of peer-to-peer energy trading platform. However, blockchain solutions suffer from scalability problems as well as from delays in transaction confirmation. This paper explores the feasibility of using IOTA’s DAG-based block-free distributed ledger for implementation of energy trading platforms. Our agent-based simulation research demonstrates that an IOTA-like DAG-based solution could overcome the constraints that blockchains face in the energy mar- ket. However, to be usable for peer-to-peer energy trading, even DAG- based platforms need to consider specificities of energy trading markets (such as structured trading periods and assured confirmation of transactions for every completed period).

Original language	English
Title of host publication	Advanced Information Systems Engineering
Subtitle of host publication	31st International Conference, CAiSE 2019, Rome, Italy, June 3–7, 2019, Proceedings
Editors	Paolo Giorgini, Barbara Weber
Publisher	Springer, Cham
Pages	111-125
Number of pages	15
ISBN (Electronic)	9783030212902
ISBN (Print)	9783030212896
DOIs	https://doi.org/10.1007/978-3-030-21290-2_8
Publication status	Published - 29 May 2019
Event	International Conference on Advanced Information Systems Engineering - Sapienza Università di Roma, Rome, Italy Duration: 3 Jun 2019 → 7 Jun 2019 Conference number: 31 https://www.caise19.it/

Publication series

Name	Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)
Volume	11483 LNCS
ISSN (Print)	0302-9743
ISSN (Electronic)	1611-3349

Conference

Conference	International Conference on Advanced Information Systems Engineering
Abbreviated title	CAiSE
Country/Territory	Italy
City	Rome
Period	3/06/19 → 7/06/19
Internet address	https://www.caise19.it/

Structured keywords

Cabot Institute Low Carbon Energy Research
peer to peer energy trading
block-free distributed ledger
IOTA
agent-based simulation

Keywords

blockchain
agent-based simulation
IOTA
block-free ledger
DAGbased distributed ledger
peer to peer energy trading platform

Access to Document

10.1007/978-3-030-21290-2_8

Full-text PDF (accepted author manuscript)
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Park, J., Chitchyan, R., Angelopoulou, A., & Murkin, J. (2019). A Block-Free Distributed Ledger for P2P Energy Trading: Case with IOTA? In P. Giorgini, & B. Weber (Eds.), Advanced Information Systems Engineering: 31st International Conference, CAiSE 2019, Rome, Italy, June 3–7, 2019, Proceedings (pp. 111-125). (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics); Vol. 11483 LNCS). Springer, Cham. https://doi.org/10.1007/978-3-030-21290-2_8

Park, Joon ; Chitchyan, Ruzanna ; Angelopoulou, Anastasia et al. / A Block-Free Distributed Ledger for P2P Energy Trading : Case with IOTA?. Advanced Information Systems Engineering: 31st International Conference, CAiSE 2019, Rome, Italy, June 3–7, 2019, Proceedings. editor / Paolo Giorgini ; Barbara Weber. Springer, Cham, 2019. pp. 111-125 (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)).

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title = "A Block-Free Distributed Ledger for P2P Energy Trading: Case with IOTA?",

abstract = "Across the world, the organisation and operation of the electricity markets is quickly changing, moving towards decentralised, distributed, renewables-based generation with real-time data exchange-based solutions. In order to support this change, blockchain-based distributed ledgers have been proposed for implementation of peer-to-peer energy trading platform. However, blockchain solutions suffer from scalability problems as well as from delays in transaction confirmation. This paper explores the feasibility of using IOTA{\textquoteright}s DAG-based block-free distributed ledger for implementation of energy trading platforms. Our agent-based simulation research demonstrates that an IOTA-like DAG-based solution could overcome the constraints that blockchains face in the energy mar- ket. However, to be usable for peer-to-peer energy trading, even DAG- based platforms need to consider specificities of energy trading markets (such as structured trading periods and assured confirmation of transactions for every completed period).",

keywords = "blockchain, agent-based simulation, IOTA, block-free ledger, DAGbased distributed ledger, peer to peer energy trading platform",

author = "Joon Park and Ruzanna Chitchyan and Anastasia Angelopoulou and Jordan Murkin",

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Park, J, Chitchyan, R, Angelopoulou, A & Murkin, J 2019, A Block-Free Distributed Ledger for P2P Energy Trading: Case with IOTA? in P Giorgini & B Weber (eds), Advanced Information Systems Engineering: 31st International Conference, CAiSE 2019, Rome, Italy, June 3–7, 2019, Proceedings. Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics), vol. 11483 LNCS, Springer, Cham, pp. 111-125, International Conference on Advanced Information Systems Engineering, Rome, Italy, 3/06/19. https://doi.org/10.1007/978-3-030-21290-2_8

A Block-Free Distributed Ledger for P2P Energy Trading : Case with IOTA? / Park, Joon; Chitchyan, Ruzanna; Angelopoulou, Anastasia et al.

Advanced Information Systems Engineering: 31st International Conference, CAiSE 2019, Rome, Italy, June 3–7, 2019, Proceedings. ed. / Paolo Giorgini; Barbara Weber. Springer, Cham, 2019. p. 111-125 (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics); Vol. 11483 LNCS).

Research output: Chapter in Book/Report/Conference proceeding › Conference Contribution (Conference Proceeding)

TY - GEN

T1 - A Block-Free Distributed Ledger for P2P Energy Trading

T2 - International Conference on Advanced Information Systems Engineering

AU - Park, Joon

AU - Chitchyan, Ruzanna

AU - Angelopoulou, Anastasia

AU - Murkin, Jordan

N1 - Conference code: 31

PY - 2019/5/29

Y1 - 2019/5/29

N2 - Across the world, the organisation and operation of the electricity markets is quickly changing, moving towards decentralised, distributed, renewables-based generation with real-time data exchange-based solutions. In order to support this change, blockchain-based distributed ledgers have been proposed for implementation of peer-to-peer energy trading platform. However, blockchain solutions suffer from scalability problems as well as from delays in transaction confirmation. This paper explores the feasibility of using IOTA’s DAG-based block-free distributed ledger for implementation of energy trading platforms. Our agent-based simulation research demonstrates that an IOTA-like DAG-based solution could overcome the constraints that blockchains face in the energy mar- ket. However, to be usable for peer-to-peer energy trading, even DAG- based platforms need to consider specificities of energy trading markets (such as structured trading periods and assured confirmation of transactions for every completed period).

AB - Across the world, the organisation and operation of the electricity markets is quickly changing, moving towards decentralised, distributed, renewables-based generation with real-time data exchange-based solutions. In order to support this change, blockchain-based distributed ledgers have been proposed for implementation of peer-to-peer energy trading platform. However, blockchain solutions suffer from scalability problems as well as from delays in transaction confirmation. This paper explores the feasibility of using IOTA’s DAG-based block-free distributed ledger for implementation of energy trading platforms. Our agent-based simulation research demonstrates that an IOTA-like DAG-based solution could overcome the constraints that blockchains face in the energy mar- ket. However, to be usable for peer-to-peer energy trading, even DAG- based platforms need to consider specificities of energy trading markets (such as structured trading periods and assured confirmation of transactions for every completed period).

KW - blockchain

KW - agent-based simulation

KW - IOTA

KW - block-free ledger

KW - DAGbased distributed ledger

KW - peer to peer energy trading platform

UR - https://www.caise19.it/

U2 - 10.1007/978-3-030-21290-2_8

DO - 10.1007/978-3-030-21290-2_8

M3 - Conference Contribution (Conference Proceeding)

SN - 9783030212896

T3 - Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)

SP - 111

EP - 125

BT - Advanced Information Systems Engineering

A2 - Giorgini, Paolo

A2 - Weber, Barbara

PB - Springer, Cham

Y2 - 3 June 2019 through 7 June 2019

ER -

Park J, Chitchyan R, Angelopoulou A, Murkin J. A Block-Free Distributed Ledger for P2P Energy Trading: Case with IOTA? In Giorgini P, Weber B, editors, Advanced Information Systems Engineering: 31st International Conference, CAiSE 2019, Rome, Italy, June 3–7, 2019, Proceedings. Springer, Cham. 2019. p. 111-125. (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)). doi: 10.1007/978-3-030-21290-2_8

A Block-Free Distributed Ledger for P2P Energy Trading: Case with IOTA?

Abstract

Publication series

Conference

Structured keywords

Keywords

Access to Document

Handle.net

Other files and links

Fingerprint

Peer-to-Peer Energy Markets: Understanding the Values of Collective and Community Trading

Refactoring Energy Systems (Ruzanna Chitchyan)

Cite this

A Block-Free Distributed Ledger for P2P Energy Trading: Case with IOTA?

Abstract

Publication series

Conference

Structured keywords

Keywords

Access to Document

Handle.net

Other files and links

Fingerprint

Research output

Peer-to-Peer Energy Markets: Understanding the Values of Collective and Community Trading

Projects

Refactoring Energy Systems (Ruzanna Chitchyan)

Cite this