Volume 37, Issue 3 pp. 442-453
SPECIAL ISSUE PAPER

Smart contract for electricity transactions and charge settlements using blockchain

Jing Lu

Corresponding Author

Jing Lu

Department of Computer Science and Technology, Hubei University of Education, Wuhan, China

YGSoft Inc., Zhuhai, China

Correspondence

Jing Lu, Department of Computer Science and Technology, Hubei University of Education, Wuhan 420106, China.

Email: [email protected]

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Shihong Wu

Shihong Wu

YGSoft Inc., Zhuhai, China

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Hanlei Cheng

Hanlei Cheng

YGSoft Inc., Zhuhai, China

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Bin Song

Bin Song

YGSoft Inc., Zhuhai, China

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Zhiyu Xiang

Zhiyu Xiang

YGSoft Inc., Zhuhai, China

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First published: 11 September 2020
Citations: 12

Funding information: Natural Science Foundation of Hubei Province, 2018CFB571; Zhuhai Industry Core and Key Technology Research Project, ZH01084702180035HJL

Abstract

In this article, aimed at the future “let go” electricity market, smart contracts for grid enterprises doing electricity transactions and charge settlements based on blockchain technology, as well as the trading model using the smart contracts, are proposed. Then the key technological difficulties are analyzed, and the solutions are given. The main goal of our research is to help developing the infrastructure for electricity market members, and match their bilateral trading. By running a smart contract instance in a peer-to-peer network composed by 4000 nodes, experiments show that the success rate is 99.38% and the average time consumption for each transaction is 16 seconds. If our method is applied, we can reduce the trust cost of the electric electricity market, and improve the efficiency of the electricity transaction and charge settlement.

DATA AVAILABILITY STATEMENT

Data sharing is not applicable to this article as no new data were created or analyzed in this study.

The full text of this article hosted at iucr.org is unavailable due to technical difficulties.