Local Electricity Storage for Blockchain-Based Energy Trading in Industrial Internet of Things

The peer-to-peer energy trading has been achieved among nodes in industrial Internet of Things. To establish a secure private market, some meaningful works propose the concept of the energy chain, where one block is added in a linear and chronological order once the trading pair of nodes (buyer and seller) has a valid transaction verified by data audit (e.g., a hash value). Since the buyer applies virtual coins from the credit bank to buy others' surplus energy, a considerable credit utility is obtained if all nodes are encouraged to meet local power loads out of self-interest. However, such frequent transactions have huge operational overhead, including a long chain maintaining many blocks and an expensive energy transportation cost between trading pairs. To solve these challenging issues, our method enables nodes to satisfy their power loads through local stored energy (self-sufficiency), before participating as sellers if they still have considerable surplus electricity. Without transactions made by some self-sufficient nodes, the operational overhead can be mitigated in a more secure environment. Taking the classic Internet of energy as a case study, we demonstrate the effectiveness of our solutions, and it can achieve a good tradeoff between credit utility and operational overhead.