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Sensors 2021, 21, 3822 27 of 32 Blockchain applications to energy grids have also been extensively studied. Andoni et al. [55] identified that blockchain can add value to the energy grids in the broad areas of billing, sales and marketing, transactions, automation in decentralized applications, smart grid integration, secure information exchange, grid stabilization through usage flexi- bility, privacy and security, sharing of common resources, competition and transparency. Blockchain is intuitively suited for implementing peer to peer decentralized transaction systems. Li et al. [56] proposed a blockchain based energy trading system that used a credit-based payment scheme for faster transaction confirmation. They presented an opti- mal pricing strategy based on Stackelberg game for credit-based loans. Additionally, they evaluated their proposal in terms of security and performance to show the efficiency of their solution. Gai et al. [57] proposed a noise-based privacy preserving energy transaction approach by using account mapping to hide user information like location and energy usage. The presented algorithm for noise creation showed an improvement over existing differential privacy approaches in masking for privacy. Aitzhan et al. [58] also focused on implementing transaction security in decentralized smart grid trading. They imple- mented a token based transaction system to enable users to anonymously negotiate and perform transactions. Paudel et al. [59] proposed a model with competitions between buyers modelled using evolutionary game theory and competition among sellers modelled as a non-cooperative game. The interactions between buyers and sellers were modelled as a M- leader and N-follower Stackelberg game. The evaluation of their approach using simulation showed the convergence of the model and significant financial benefits to the community. Blockchain has also been used for implementing usage flexibility programs for grid stability. Pop et al. [60] investigated the use of blockchain to store the consumption and production data collected from smart meters. Smart contracts were used to define the usage flexibility expected from each prosumer, with the corresponding incentives and penalties and the rules for maintaining grid stability. Their evaluation of the proof of concept showed that their approach followed the demand signal with high accuracy and reduced the amount of energy flexibility needed. Jindal et al. [61] focused on the security aspects of implementing a demand response mechanism by selecting miner nodes to validate the blocks of energy transactions. The results show that the approach has a low communication and computation overhead. Noor et al. [62] proposed a game theoretic approach to reduce the Peak-to-Average ratio and smooth the load profile. They evaluated their approach using a case study using synthetic data of 15 consumers with multiple appliances and storage capacity. Silvestre et al. [63] proposed using blockchain to record the production and consumption data, calculated the baseline and expected usage flexibility and evaluated their implementation to show the efficacy of their approach. Tokenization in blockchain is an important topic of investigation as assets on the blockchain are represented in the form of tokens in order to facilitate transactions. Chirtoaca et al. [64] reviewed the applicable metrics for extensibility and reusability of NFT on the Ethereum blockchain and identified the most insightful metrics for these fea- tures. Borkowski et al. [65] proposed DeXTT, a protocol for blockchain interoperability for token transactions and showed the logarithmic scalability of their solution with re- spect to the number of participating nodes. Barreiro-Gomez et al. [66] presented a study of blockchain tokens based on mean-field-type game theory in order to establish a rela- tionship between network characteristics, count of token holders, token price and token supply. Based on their findings, they proposed that the number of tokens in circulation be adjusted in order to capture the risk-awareness and self-regulatory behavior in blockchain economics. Bal et al. [67] proposed NFTTracer, a framework for tracking NFT through mod- ifications. They presented their architecture and algorithms and built a proof of concept but did not present a quantitative analysis of the efficacy of their approach. Devine et al. [68] proposed a mechanism for renewable energy providers to sell customers future power output in form of NFT on the blockchain. They proposed two ways of structuring these power delivery instruments and evaluated their proposal using a notional market simulation. Regner et al. [69] proposed and described the use of NFT for an event ticketingPDF Image | Blockchain Based Transaction System with NFT
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