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Standardization of Smart Contracts for Energy Markets and Operation

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posted on 11.02.2022, 03:31 authored by Umit Cali, Jonathan Sebastian-Cardenas, Shammya SahaShammya Saha, Shawn Chandler, Sri Nikhil Gupta Gourisetti, Tamara Hughes, Komal Khan, Claudio Lima, Farrokh Rahimi, Leonard C. Tillman
This work presents a formal review of smart contracts, including definitions, technical requirements, and potential power and energy-related use cases. This includes in-depth discussions covering cybersecurity, legality and interoperability goals that must be taken into consideration by potential end-users. The paper presents a first attempt towards the standardization of smart contracts (SCs) within the field of power and energy as a work in progress activity under the IEEE Standards Association (IEEE SA) P2418.5 Working Group. This work also proposes a holistic, language-agnostic reference model that is intended to accelerate the adoption of Distributed Ledger Technology (DLT) by industry stakeholders by providing standardized processes. Finally, the paper discusses key takeaways that must continue to be developed to increase SC usage within the energy industry.

Funding

DE-AC05-76RL01830

MCI-20-PID2019-111051RB-I00

BP19-069

History

Email Address of Submitting Author

ssaha@epri.com

ORCID of Submitting Author

0000-0002-4861-6993

Submitting Author's Institution

Electric Power Research Institute

Submitting Author's Country

United States of America

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