Blockchain technology in the chemical industry: Machine-to-machine electricity market


Blockchain technology in the chemical industry: Machine-to-machine electricity market





By:
Janusz J.Sikorski
JoyHaughton
MarkusKraftab


a: Department of Chemical Engineering and Biotechnology, University of Cambridge, New Museums Site, Pembroke Street, Cambridge CB2 3RA, United Kingdom


b: School of Chemical and Biomedical Engineering, Nanyang Technological University, 62 Nanyang Drive, Singapore 637459, Singapore
Received 12 December 2016, Revised 9 March 2017, Accepted 10 March 2017, Available online 18 March 2017.


Highlights

An implementation of blockchain technology facilitating a M2M electricity market.
Industrial plants are trading electricity with each other over a blockchain.
Data produced by process flow sheet models of industrial equipment are utilized.
Technical details and background of blockchain technology are presented.
This paper explores blockchain technology in relation to Industry 4.0.

Abstract

The purpose of this paper is to explore applications of blockchain technology related to the 4th Industrial Revolution (Industry 4.0) and to present an example where blockchain is employed to facilitate machine-to-machine (M2M) interactions and establish a M2M electricity market in the context of the chemical industry. The presented scenario includes two electricity producers and one electricity consumer trading with each other over a blockchain. All participants are supplied with realistic data produced by process flow sheet models. This work contributes a proof-of-concept implementation of the scenario. Additionally, this paper describes and discusses the research and application landscape of blockchain technology in relation to the Industry 4.0. It concludes that this technology has significant under-researched potential to support and enhance the efficiency gains of the revolution and identifies areas for future research.

Graphical abstract


This article was originally published by ScienceDirect.com. Read the original article here.

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