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Blockchain and smart contract technology is advancing rapidly and, as many companies and industries are stepping up to adopt the technology, it is a worthy subject of research. This study presents a decentralized microgrid model that considers blockchain and smart contract technology. We consider a microgrid consisting of two players: a power distribution company (DC) and an electricity prosumer. The cost-benefit analysis of utilising blockchain and smart contract technology is assessed through an evaluation model for the two players. Further, to encourage the prosumer to generate renewable energy, a credit period that allows the prosumer to defer payments is provided by outside banks. A game-theoretical method is applied to analyse the decision-making by the two players, seeking to maximise their own profits. The DC acts as a leader who determines the electricity price and blockchain technology investment level, and the prosumer is a follower who determines how much renewable energy should be generated. The results show that the adoption of blockchain and smart contract technology benefits both the DC and prosumer in a decentralized microgrid. Further, several examples are provided to illustrate the model and obtain managerial insights. [ABSTRACT FROM AUTHOR]

We explore the supply chain network design problem for a retailer selling perishable products when the supplier provides trade credit and the deterioration rate can be reduced by freshness-keeping effort. Using a continuous approximation model, we derive the total cost of the supply chain, including facility set up and operation cost, ordering cost, freshness keeping cost, transportation cost, inventory-holding cost, and interest cost of trade credit. We prove the convexity of the total cost functions and derive the closed-form solutions of the decision variables, including the service regions of distribution centers, the replenishment cycle time, and the fresh food freshness keeping effort. Finally, we conclude with some managerial insights from the numerical analysis. [ABSTRACT FROM AUTHOR]