IEEE Project Abstract

Blockchain is the key technology of Bitcoin and othercryptocurrencies, and it is one of the most exciting technologieschanging the world in the 2010’s. Targeting at big industrialenergy users, this paper first presents a new market structure(i.e., transaction rules) under existing blockchain-based electricitytransaction platforms to cover popular types of markets such ascontract, day-ahead, adjustment and balancing markets, and thenfocuses on the optimal load management problem for a particularindustrial user. The proof-of-work cost from blockchain is alsomodelled. A key feature of this load management problem is thatthe user has direct control on its own load, and the obtained loadcontrol model is much more accurate than existing approachesin which system operators or demand aggregators cannot controlload directly and have to rely on inaccurate estimations. As a casestudy, the pumping load of a water supply plant is investigated toillustrate how the demand load is managed under this blockchainbasedmarket. From the case study, it is found that 18.9% of totalcost can be saved under this new market structure.