Utilizing Blockchain Technology for Settlement in a Microgrid
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Blockchains have been embraced by many industries where transactions, either financialor non-financial, are involved. Furthermore, blockchains have been proven tosupport transactions, without the need for a third-party or other middlemen. Giventhe distributed properties of blockchains, they are very suitable as the underlyingfoundation of peer-to-peer applications. Among the peer-to-peer applications thatcould be improved with the support of blockchains, is the microgrid. Microgridsare finite energy systems where peers may purchase energy among themselves. This thesis investigates the blockchains ability to work as the underlying technologyto support settlement in a microgrid. The blockchain is essentially a distributed,immutable ledger. However, there exists many versions of this ledger based on implementationfeatures such as governance and consensus etc. A thorough backgroundstudy of blockchains, and the differences in the blockchain features are presented.Furthermore, existing systems using blockchains for settlement in peer-to-peerenergy systems are presented. Based on the findings in the background study andrelated work, a new blockchain as the technology for supporting these transactionsis proposed and implemented. Results from the tests show that the proof-of-conceptblockchain developed in this thesis works well as the underlying technology forsettling energy flow in a microgrid. However, further development and testing isrequired for a real system.