FogChain: a blockchain-based Peer-to-Peer solar power trading system powered by fog AI
Microgrids, gaining traction from rising distributed generation for carbon reduction, demand novel solutions to regulate on-and off-grid operations, as well as both energy and monetary transfers between the microgrid and the central grid and among different microgrid participants. This research aims...
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| Main Authors: | , , , , , , , |
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| Other Authors: | |
| Format: | Article |
| Language: | English |
| Published: |
2022
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| Subjects: | |
| Online Access: | https://hdl.handle.net/10356/162354 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | Microgrids, gaining traction from rising distributed generation for carbon reduction, demand novel solutions to regulate on-and off-grid operations, as well as both energy and monetary transfers between the microgrid and the central grid and among different microgrid participants. This research aims to develop and validate an intelligent microgrid management system to secure the competitiveness of Singapore's energy market, by leveraging the inherent synergy between two emerging technologies, i.e., blockchain for Peer-to-Peer (P2P) solar power trading and fog computing for grid infrastructure management. For this vision, we have developed FogChain, an integrative, cost-effective, and scalable microgrid operating system (MGOS), consisting of three technical service layers: 1) a novel microgrid information infrastructure based on the fog-computing paradigm (i.e., intelligence on edge); 2) a blockchain-based microgrid service layer, providing smart contract and decentralized control capabilities for grid application development; and 3) a microgrid application layer (i.e., P2P energy trading) over the blockchain-based grid service. This MGOS would fundamentally transform how solar power is traded among participating electricity prosumers, leading to potentially new operational and business models. We have implemented the FogChain system and conducted extensive experiments to verify its performance advantages. Our results demonstrate that FogChain can efficiently process energy auction among 1000 participants with 1.1 s delay on average, reduce transmission cost up to 20% under the loss-aware trading mechanism, and reduce the solar yield prediction error to 0.11. Our system prototype suggests that FogChain provides a promising solution for efficient decentralized energy trading and intelligent distributed control for microgrids. |
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