A FORMULATION OF CONSENSUS ALGORITHM EVALUATION MATRIX FOR BLOCKCHAIN BASED SOLAR ENERGY TRADING
In the traditional architecture of an electric power grid, the configurations are typically in a uni-directional format whereby the electricity is transferred from the source which is typically the power plant to the destination which is typically the consumer. But with the current advancement of...
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| Format: | text::Thesis |
| Language: | English |
| Published: |
2023
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| Summary: | In the traditional architecture of an electric power grid, the configurations are
typically in a uni-directional format whereby the electricity is transferred from the
source which is typically the power plant to the destination which is typically the
consumer. But with the current advancement of the entire ecosystem and the
emergence of prosumers, the conventional system is no more practical. This need has
led to the creation of micro-grid technology that has support for bi-directional transfer
of power. Although this has greatly improved efficiency and effectiveness as a whole,
there is still need for manual oversight and invigilation. This is where the utilization
of blockchain technology and consensus algorithms in conjunction with the micro
grid could serve as the autonomous component required to manage the entire network
regarding energy transfer amongst members of the ecosystem. In this project we have
been able to study relevant literature as well as current state of the industry
applications and have been able to identify attributes for solar energy trading.We then
proceeded to formulate an Evaluation Matrix which was the basis for our study and
enabled us to build a framework from which we could objectively decide which
consensus algorithm would be the best amongst a predetermined set of options. This
then led to the final objective which was to recommend the ideal consensus algorithm
for solar energy trading. |
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