Smart Grid and Innovative Frontiers in Telecommunications. Third International Conference, SmartGIFT 2018, Auckland, New Zealand, April 23-24, 2018, Proceedings

Research Article

Blockchain Based Energy Trading Model for Electric Vehicle Charging Schemes

  • @INPROCEEDINGS{10.1007/978-3-319-94965-9_7,
        author={Chao Liu and Kok Chai and Eng Lau and Yue Chen},
        title={Blockchain Based Energy Trading Model for Electric Vehicle Charging Schemes},
        proceedings={Smart Grid and Innovative Frontiers in Telecommunications. Third International Conference, SmartGIFT 2018, Auckland, New Zealand, April 23-24, 2018, Proceedings},
        proceedings_a={SMARTGIFT},
        year={2018},
        month={7},
        keywords={Electric vehicles Distributed trading system Transactional energy Blockchain technology Smart grid},
        doi={10.1007/978-3-319-94965-9_7}
    }
    
  • Chao Liu
    Kok Chai
    Eng Lau
    Yue Chen
    Year: 2018
    Blockchain Based Energy Trading Model for Electric Vehicle Charging Schemes
    SMARTGIFT
    Springer
    DOI: 10.1007/978-3-319-94965-9_7
Chao Liu1,*, Kok Chai1,*, Eng Lau2,*, Yue Chen1,*
  • 1: Queen Mary University of London
  • 2: Brunel University London
*Contact email: c.liu@qmul.ac.uk, michael.chai@qmul.ac.uk, EngTseng.Lau@brunel.ac.uk, yue.chen@qmul.ac.uk

Abstract

The electricity market is undergoing a transformation with increasing number of electric vehicles (EV). This paper studies the current charging and discharging schemes for EV and the feasibility of the decentralized transactional energy market. In order to adapt the high volume of EV integration and fully decentralize the grid system, the blockchain technology is introduced to serve as an envision for the next generation grid. Furthermore, we propose a blockchain technology enabled electricity exchange market to enable EVs’ autonomy in trading energy with secured distributed energy transactions. The constructed exchange market is price competitive platform where the best bid price is modelled via the jump-diffusion process to enable users to participate in the trading process. We demonstrate that our proposed distributed energy exchange system can perform the peer-to-peer transaction with the real-time electricity price aligning with the EV power demand trend without requiring a third-party intermediary.