A0570
Title: A proof-of-concept study of electricity transacting platform for residential prosumers
Authors: Phil Zheng - University of Central Florida (United States) [presenting]
Abstract: The urgency for energy independence from fossil fuels is exacerbated not only by the increasing speed of climate change but also by the uncertain regional conflicts around the globe. Distributed electricity generation from renewable resources, be it solar, tidal, or wind, has gradually come to the public eye, being perceived as the panacea to power us in the new economy. This transition does not come without challenges, a major one of which is a fair-trading platform for the new-era participants, a.k.a., prosumers, who not only consume but also generate electricity. Coincidentally, at the same time, blockchain technology has been prospering ever since the seminal work by Satoshi Nakamoto, i.e., the creator of Bitcoin. Leveraging distributed ledger technology, it is critical to (1) build the theoretical foundation by using game theory models for the users' decisions to buy or sell power in the peer-to-peer energy market and (2) design and implement distributed-ledger software for deploying such a system. The mathematical proof-of-concept studies show that such local trades provide benefits to both electricity prosumers. In addition, blockchain peer-to-peer platform implementation of the trading scheme shows that it can be managed without a central electricity exchange.
