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A decentralized microgrid considering blockchain adoption and credit risk.
- Source :
- Journal of the Operational Research Society; Sep2022, Vol. 73 Issue 9, p2116-2128, 13p
- Publication Year :
- 2022
-
Abstract
- 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]
- Subjects :
- CREDIT risk
MICROGRIDS
BLOCKCHAINS
RENEWABLE energy sources
COST effectiveness
Subjects
Details
- Language :
- English
- ISSN :
- 01605682
- Volume :
- 73
- Issue :
- 9
- Database :
- Complementary Index
- Journal :
- Journal of the Operational Research Society
- Publication Type :
- Academic Journal
- Accession number :
- 159934888
- Full Text :
- https://doi.org/10.1080/01605682.2021.1960907