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Publication - Mr Jordan Murkin

    A Block-Free Distributed Ledger for P2P Energy Trading

    Case with IOTA?

    Citation

    Park, J, Chitchyan, R, Angelopoulou, A & Murkin, J, 2019, ‘A Block-Free Distributed Ledger for P2P Energy Trading: Case with IOTA?’. in: Paolo Giorgini, Barbara Weber (eds) Advanced Information Systems Engineering: 31st International Conference, CAiSE 2019, Rome, Italy, June 3–7, 2019, Proceedings. Springer, Cham, pp. 111-125

    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).

    Full details in the University publications repository