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Project Code [20/EPSRC/3700]
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Project title
Blockchain transactions in the electricity industry: beyond tokenised energy
Primary Funding Agency
Science Foundation Ireland
Co-Funding Organisation(s)
n/a
Lead Organisation
University College Dublin (UCD)
Project Abstract
The overall aim is to investigate how interconnected smart contracts can create a vibrant and participatory electricityecosystem that increases the adoption and utilisation of renewable generation while empowering communities.The specific research objectives are to:1. Enumerate the range of promising blockchain use cases across the entire electricity sector. Identify the key points wheresmart contracts can add value for stakeholders, and illustrate how interaction effects can emerge and how an ecosystemcan be formed.2. Design specific smart contracts for peer-to-peer energy trading between prosumers that incorporate mechanisms formanaging network constraints and uncertainty.3. Design smart contracts which support the formation of federated arrangements, where groups of small to medium sizedgenerators and prosumers can transact for the benefit of their members, and cooperatively offer flexibility services todistribution and transmission system operators. 4. Deploy smart contracts to an operational blockchain to test their performance to tangibly demonstrate the interactioneffects that can organically emerge within a chain code paradigm.
Research Hub
Climate related research
Research Theme
Achieving climate neutrality by 2050.
Initial Projected Completion Date
31/08/2022