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Inventions 2020, 5, 58 4 of 14 all transaction are stored. Since the data are stored in the blockchain and they are connected to all the nodes, they are more secure and transparent. The security risks for a deregulated electricity market are therefore recognized and well defined. The security threat for regulated market is obvious, unknown, and meaningful to investigate. In this paper, the proposed Ethereum blockchain network deals with data security features of the regulated market system indicated as follows: Decentralization: The fundamental element of this Ethereum blockchain signifies the data confidentiality on a distributing system (for any kind of data capturing, recording, updating or storing). It discharges the data-dependency on central node, which has high data security risk. Transparency: In this work, the data script in each node written and updated transparently with trusted source in blockchain system. Open Sourcing: Ethereum Blockchain system is very public. All data tracking can be verified publicly, and people and new applications in the system are easy to create. It itself can transfer and store revenue like a retail outlet. A transaction concerning two parties can exchange the transaction details. Autonomous: Autonomy Chain Cloud of Ethereum Blockchain network controls the node by trusting a single head source for the entire system. The system ensures the data confidentiality so that no one can intercept it. Immutability: In the used system, the transaction records are saved permanently and cannot be modified without having control on at least more than half of the nodes simultaneously. Anonymity: Ethereum blockchain technologies solved the trust problem between node and node, so data transfer or even transaction can be anonymous, only needing to know the person’s blockchain address. Anonymousness: Ethereum blockchain system data transaction can be done anonymously. Knowing blockchain address suffice for any transaction. 3. Electricity Market and Data Security This section highlights the current status of the regulated and deregulated electricity markets, the use of blockchain-based transaction and security in the electricity market, and the state of NZEM. It also provides an overview of the potential cybersecurity issues in the current electricity markets. 3.1. Traditional Data Security Issues in Regulated and Deregulated Market In a regulated energy market like NZEM, a central control (utility company) is charged with electricity generation, distribution, and bidding. Hence the communication is restricted between the consumer’s smart meter and the utility company. Most of the time, in such a traditional regulated market, communication between the different electricity nodes happens through the use of traditional communication protocols and encryption protocols, which are highly vulnerable to security threats and malicious attacks. A data breach in a single node can compromise the whole market framework leading to a chain of catastrophic events. On the other hand, in a deregulated market, consumers can decide to purchase electricity from different retailers. Since many entities (e.g., retailers, operators, consumers, etc.) can participate in active trading in a deregulated market, these different market entities may require access to different data for different purpose [19]. For example, a grid operator may require access to short-term or long-term consumption data, location and personal information of the consumer, and power quality index data such as voltage and frequency data in order to maintain grid stability. Any breach in data security on this ecosystem can pose potential harm to consumers, retailers, and operators. Since in a deregulated market the consumer is trading with different retailer, a peer to peer secure transaction and data security model can be effective against potential cyber or malicious attacks. Leveraged with the concepts of peer-to-peer data sharing and safe transaction facility, the blockchain technology was initially utilized for fiscal security. The energy market started using this technology primarily for data trading and also for energy transmission and dispatch [3]. Traditionally,PDF Image | Ethereum Blockchain-Based Prototype for Data Security
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