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Sensors 2021, 21, 3822 3 of 32 Such a system would involve three main actors/organizations. The Transaction Platform would be the first organization and it would include all the small scale energy prosumers and EV owners. The Power Company that supplies electricity to the community would be the second organization. Finally, the Storage Provider which stores the renewable energy generated by the prosumers would be the third organization in this network. In our previous work [26] we highlighted the need for an energy transaction system for prosumer communities and discussed the applicability of blockchain to build such a transaction system. Subsequently [27], we identified the potential stakeholders in this organization and proposed and defined tokens to encapsulate different types of energy assets. Assets on the blockchain are represented by tokens in order to facilitate transactions. Tokens are broadly categorized into two categories fungible tokens (FT) and non fungible tokens (NFT), based on whether they are identical and interchangeable or not. FT are interchangeable and identical in all respects and are divisible. On the other hand NFT cannot be substituted for other tokens of the same type and are indivisible. In an energy transaction system, energy assets with an attached Guarantee of Origin [28] have a unique identifier and are not interchangeable and can be implemented as NFT. Conversely, if energy assets are considered interchangeable, then tokens representing them can be broken up and traded in parts and can be implemented as FT. Both implementations are relevant in energy transaction systems. Implementation of NFT and FT requires defining the lifecycle of the tokens from being issued to being redeemed. Methods and algorithms to take the tokens through the lifecycle need to be created and implemented and any challenges that arise need to be identified and suitably addressed. Comparative analysis of both types of tokens in terms of design, implementation, performance and limitations can provide a guide for future implementations of a transaction system. Mezquita et al. [29] proposed an architecture for transaction of fungible energy transactions on the Ethereum blockchain. However, this work did not feature an implementation of their proposal. Pop et al. [30] proposed a blockchain based peer to peer energy market for NFT focusing on aspects such as prosumer access control, automation of bids and offers matching. However, to the best of the our knowledge, a comparative analysis of the design, performance and limitations of FT and NFT based on an implementation has not been studied. The motivation of this study is to design, implement and performance test a unified transaction system for energy assets represented as Fungible and Non Fungible Tokens that incorporates all the stakeholders and business relationships into a transparent and decentralized solution in order to address the identified gap in literature. Such a system would enable transactions of energy assets over a decentralized peer to peer network. A transparent system with inherent characteristics of immutability, authentication, access control and provenance tracing as well as the ability to encode business logic into smart contracts would enable automation of transactions and can be adapted for future imple- mentations of microgrid transaction systems. Finally, performance is an essential aspect of a transaction system, which can be characterized based on metrics such as transaction throughput and latency. Based on the aspects discussed in this section and the motivations outlined, the main contributions of this work include the following: 1. A Transaction Platform that includes the Prosumers and the EV owners, the Power Company and the Storage Provider were identified as stakeholders and represented as the three organizations in this business network. The trading relationships and energy assets that are transacted in this system were outlined. The energy assets were encapsulated in a blockchain token structure with token level consensus policies reflecting the identified stakeholders. 2. The main stages in the lifecycle of all tokens were defined as Create, Bid, Transfer and Redeem. The methods and algorithms in order to take the token through the lifecycle were separately developed for NFT and FT due to the different characteristics of these token implementations.PDF Image | Blockchain Based Transaction System with NFT
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