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Inventions 2020, 5, 58 5 of 14 in a regulated energy market, utility companies own and operate the electricity. The tariffs of electricity are usually set and regulated by state commissions or regulatory boards. On the contrary, in a deregulated energy market, multiple competitors can buy electricity and sell it to the retail suppliers who then set different prices for the customers. The electricity service providers or competitors in a deregulated market form a cluster with their customers. It utilizes the decentralized blockchain Inventions 2020, 5, x FOR PEER REVIEW 5 of 14 technology to provide the security of the data flows from each customer to competitors in the cluster andfromcomreptaeiltistuoprpslietrostwhheogthoevnesertndmiffernetntepnrticietsy.foSritnhececuisttoimsearsp. Teheer-etloec-tpriceietyrsseervciucerperdovtirdaenrssoarctionmodel, competitors in a deregulated market form a cluster with their customers. It utilizes the decentralized competitors do not have access to each other’s data. blockchain technology to provide the security of the data flows from each customer to competitors in Figure 1 shows the approach of transaction in the traditional blockchain-based transaction model. the cluster and from competitors to the government entity. Since it is a peer-to-peer secured As shown in the figure, a traditional blockchain is a decentralized system that stores transaction data transaction model, competitors do not have access to each other’s data. Figure 1 shows the approach of transaction in the traditional blockchain-based transaction at each peer. Data is stored in a hub-based cloud system, and the process can then be executed by access to other’s data. model. As shown in the figure, a traditional blockchain is a decentralized system that stores developing precise smart contracts for blockchain technology. Only the authorized Government people transaction data at each peer. Data is stored in a hub-based cloud system, and the process can then be executed by developing precise smart contracts for blockchain technology. Only the authorized can see different competitor’s data as shown in Figure 1, but the competitors themselves will not have Government people can see different competitor’s data as shown in Figure 1, but the competitors themselves will not have access to other’s data. SC New update by BC the each entity in the hub Govt. Record Consumer Hub Data Smart Contact Local Supplier Regional Supplier SC BC Distribution System Operator Data Block Chain Platform Data Figure1.TFriagdurieti1o.nTaraldBitiloncaklBclhoackicnhabinasbeasdedtrtransacctitoinomnomdeoldfoerldefroergudlaetreedgmualrakteet.dmarket. 3.2. An Overview of NZEM as a Regulated Electricty Market Commented [M5]: The upper left of t incomplete, please replace it with a pic requirements 3.2. An Overview of NZEM as a Regulated Electricty Market An electricity market is very much similar to any other market where products (in this case its An electricity market is very much similar to any other market where products (in this case its electricity) are bought, sold, and traded in wholesale and retail fashion. The electricity market is thus Commented [AU6R5]: Figure replac electricity) aredibvioduedgihnto, sgoenlder,ataionnd, trtarnasdmeisdsioin, wdishtroibleustiaonle, aannddrertaeitl.aTihl efawshoiloesnal.e Tofheleectlreicityridceiptyenmdsarket is thus on power generation and connection to the grid by the transmission company. It also facilitates divided into generation, transmission, distribution, and retail. The wholesale of electricity depends on buying and selling of power between generators and re-sellers. The retail market is responsible to sell power generation and connection to the grid by the transmission company. It also facilitates buying it to end-users. In NZEM, power generation companies can bid to supply electricity at grid injection andsellingofpopinotwsaecrosbsetthweceoeuntrgyewnhereaatsotrhseraentadilcroem-speanlliesrbsi.dTfohrethreetleacitlrimcityaratkgertidisexritepsopinotns.sibletosellitto There are six principal power companies in NZEM, namely, Meridian, Con-tact, Genesis, Mighty end-users. In NZEM, power generation companies can bid to supply electricity at grid injection points River, Trust Power, and Todd. Half of NZEM’s electricity generation is based on hydro power and across the country whereas there tail companies bid for the electricity at grid exit points. there are geothermal, wind farms, gas, biomass plants, and thermal stations as well. The generated power is then trans-mitted through the national power grid, which is owned, operated, and There are six principal power companies in NZEM, namely, Meridian, Con-tact, Genesis, maintained by the state owned Transpower New Zealand. The national grid has nearly two hundred Mighty River, Trust Power, and Todd. Half of NZEM’s electricity generation is based on hydro grid exit points (GXPs) throughout New Zealand, and these GXPs are the supply points for power and there are geothermal, wind farms, gas, biomass plants, and thermal stations as well. distribution networks. The line companies distribute electricity throughout New Zealand by linking The generated power is then trans-mitted through the national power grid, which is owned, operated, and maintained by the state owned Transpower New Zealand. The national grid has nearly two hundred grid exit points (GXPs) throughout New Zealand, and these GXPs are the supply points for distribution networks. The line companies distribute electricity throughout New Zealand by linking the national grid, and they also sell electricity to retailers. The details of the distribution companies in Smart Contact All hubs associated with SC and BC ePDF Image | Ethereum Blockchain-Based Prototype for Data Security
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