The Adaptive Model of Demand-Side Electricity Market Based on the Blockchain

Abstract

The demand-side electricity market is operated in a complex environment with a large number of participants. When the participants submit supply or demand bids to compete with each other, the system operators can't deal with kinds of the trading requirements efficiently. The trading model for demand side has been studied in these years. The distributed trading model is considered as an appropriate choice, but the credible technology is needed for the basic support. In this paper, the adaptive model of demand side electricity market is proposed based on the blockchain technology. The consortium blockchain system consists of the qualified participants. Once the trading is agreed by both sides, there would be a smart contract to make the trading be executed automatically, and all the related data is stored with strong encryption. The proposed model is demonstrated by the numerical example.