Blockchain Based Transaction System with NFT

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sensors Article Blockchain Based Transaction System with Fungible and Non-Fungible Tokens for a Community-Based Energy Infrastructure Nikita Karandikar * , Antorweep Chakravorty and Chunming Rong Department of Electrical Engineering and Computer Science, University of Stavanger, 4021 Stavanger, Norway; antorweep.chakravorty@uis.no (A.C.); chunming.rong@uis.no (C.R.) * Correspondence: nikita.r.karandikar@uis.no Abstract: Renewable energy microgeneration is rising leading to creation of prosumer communities making it possible to extract value from surplus energy and usage flexibility. Such a peer-to-peer energy trading community requires a decentralized, immutable and access-controlled transaction system for tokenized energy assets. In this study we present a unified blockchain-based system for energy asset transactions among prosumers, electric vehicles, power companies and storage providers. Two versions of the system were implemented on Hyperledger Fabric. Assets encapsulating an identifier or unique information along with value are modelled as non-fungible tokens (NFT), while those representing value only are modelled as fungible tokens (FT). We developed the associated algorithms for token lifecycle management, analyzed their complexities and encoded them in smart contracts for performance testing. The results show that performance of both implementations are comparable for most major operations. Further, we presented a detailed comparison of FT and NFT implementations based on use-case, design, performance, advantages and disadvantages. Our implementation achieved a throughput of 448.3 transactions per second for the slowest operation (transfer) with a reasonably low infrastructure. Keywords: blockchain; prosumer; fungible; NFT; peak shaving; smart grids; trading; demand response 1. Introduction Renewable energy, especially solar energy is being increasingly integrated into the energy grid as photo voltaic installations continue to mushroom in residential contexts. This rise in adoption is fuelled partly by financial incentives like government programs and monetary benefits of local energy production [1] and in part by rising environmental awareness [2]. A new category of energy users called the prosumers [3] has been created, who generate a portion of the energy they consume through their local microgeneration devices. Several prosumers, when collocated give rise to prosumer communities or micro- grids [4] and can create a local market for sale and purchase of surplus renewable energy. This creates a scenario for peer to peer energy transactions. Pilot studies in peer to peer prosumer trading [5], have been conducted with different business models [6] and have shown its importance in facilitating local power and energy balance [7]. Prosumer commu- nities can also choose to store surplus energy for later use by exploring energy storage at the community level. Energy Storage as a service [8] is a burgeoning new business that takes over the logistics of setting up and maintaining a large scale storage facility and offers storage credits to the users for purchase. Such an arrangement can offer significant economic benefits [9]. Community level energy storage can facilitate energy transactions as energy can be supplied from the seller to the buyer via this storage, thus reducing the need for wired connections between all the members of the community. In addition, surplus stored energy can be used for powering Electric Vehicle (EV) charging stations, thus offer- 􏰁􏰂􏰃 􏰅􏰆􏰇 􏰈􏰉􏰊􏰋􏰌􏰂􏰍 Citation: Karandikar,N.; Chakravorty, A.; Rong, C. Blockchain Based Transaction System with Fungible and Non-Fungible Tokens for a Community-Based Energy Infrastructure. Sensors 2021, 21, 3822. https://doi.org/10.3390/s21113822 Academic Editor: Claudia Daniela Antal Received: 10 May 2021 Accepted: 28 May 2021 Published: 31 May 2021 Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affil- iations. Copyright: © 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https:// creativecommons.org/licenses/by/ 4.0/). Sensors 2021, 21, 3822. https://doi.org/10.3390/s21113822 https://www.mdpi.com/journal/sensors

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