Research on the Application of Blockchain in Energy Purchase

Research on the Application of Blockchain in Energy Purchase Agreements

Glossary

Term DefinitionsBlockchainA list of records (called blocks) that are linked and protected in a secure cryptographic manner, each block containing a hash pointer to the previous block, a timestamp, and transaction data.Smart ContractA software module that automatically executes the terms of a multi-party agreement, executed by a network of computers using a consensus protocol to agree on the order of operations resulting from the contract code.Permissioned BlockchainA blockchain that can only be accessed and participated in by authorized entities (such as energy suppliers, energy transmission companies, and government agencies).Energy Purchase AgreementAn agreement between an energy supplier and an energy transmission company regarding the supply of energy, which specifies terms such as supply quantity, schedule, and price.Personal Energy TransactionA single energy transfer that occurs between an energy supplier and an energy transmission company, including information such as supply quantity, start and end time.Block ID/NumberA unique identifier for each block in the blockchain, containing a hash value of the block data.Transaction TypeIndicates the type of transaction represented by the block, such as an energy purchase agreement or a personal energy transaction.TimestampRecords the time when the block was added to the blockchain.Buyer IDA unique identifier for an energy transmission company.Supplier IDA unique identifier for an energy supplier.Contract IDA unique identifier for an energy purchase agreement. Endorser Public Key The public key of the endorser used to encrypt the block. Supply Period The period of energy supply covered by the energy purchase agreement. Supply Start Time The start time of the individual energy transaction. Supply End Time The end time of the individual energy transaction. Supply Quantity The amount of energy supplied by the individual energy transaction. Highlight Mining Algorithm An algorithm for identifying energy suppliers that breach an agreement by analyzing blockchain data to discover overlaps in supply capacity and potential breaches of contract. Default Energy Supplier An energy supplier that fails to meet its contractually agreed energy supply obligations. Short Answer Questions

What is a permissioned blockchain? How does it differ from a public blockchain?

Explain the role of smart contracts in managing energy purchase agreements.

Describe the three main advantages of the blockchain framework proposed in the patent.

What information is stored in the blockchain to manage energy purchase agreements?

Explain how and when individual energy transactions are added to the blockchain.

What is the purpose of the Highlight Mining Algorithm?

What information does the block ID/number contain?

How can energy transmission companies use this system to optimize their supplier portfolio?

What entities can access information on a permissioned blockchain?

How does the settlement process described in the patent work?

Answer to the short answer question

A permissioned blockchain is a blockchain that is only accessible and accessible to authorized entities. Unlike public blockchains that allow anyone to join, permissioned blockchains have restrictions on participants, providing greater security and trust.

Smart contracts automatically execute the terms of energy purchase agreements, such as payment and supply obligations. When predefined conditions are met, they automatically execute these terms, reducing manual intervention and potential disputes.

The framework provides a way to securely record energy agreements and transactions, a mechanism to automatically record transactions, and the ability to identify reliable energy suppliers.

The information stored includes energy purchase agreement terms, individual energy transaction data, buyer and supplier identifiers, and timestamps.

When energy suppliers complete energy delivery, individual energy transactions are added to the blockchain by executing a settlement procedure.

The highlight mining algorithm is designed to identify energy suppliers that violate agreements and discover supply capacity overlaps and potential breaches by analyzing blockchain data.

The block ID/number contains a hash of the block data, including security identifiers, buyer and supplier identifiers, contract and transaction identifiers, timestamps, and transaction types.

By analyzing blockchain data, energy transmission companies can identify reliable suppliers and optimize their supplier portfolio based on their performance history.

Energy suppliers, energy transmission companies, and government agencies can access information on permissioned blockchains.

The settlement process involves verifying individual energy transactions, updating the blockchain, and automating payments to energy suppliers through smart contracts.

Paper topic

Discuss the potential benefits and challenges of applying blockchain technology to the energy sector.

Compare and contrast the blockchain framework proposed in the patent with traditional management methods of energy purchase agreements.

Analyze the role of smart contracts in improving transparency and efficiency of energy transactions.

Evaluate the effectiveness of using a highlight mining algorithm to identify energy suppliers that violate agreements.

Discuss the impact of adopting blockchain technology on the future development of the energy sector.