Energy trading in Industrial Internet of Things (IIoT), a fundamental approach to realize Industry 4.0, plays a vital role in satisfying energy demands and optimizing system efficiency. Existing research works adopts a utility company to distribute energy to energy nodes with the help of energy brokers. Afterwards, they apply blockchain to provide transparency, immutability, and auditability of peer-to-peer (P2P) energy trading. However, their schemes are constructed on a weak security model and do not consider the cheating attack initiated by energy sellers. Such an attack refers to an energy seller refusing to transfer the negotiated energy to an energy purchaser who already paid money. In this paper, we propose FeneChain, a blockchain-based energy trading scheme to supervise and manage the energy trading process towards building a secure energy trading system and improving the energy quality for Industry 4.0. Specifically, we leverage anonymous authentication to protect user privacy, and we design a timed commitments based mechanism to guarantee the verifiable fairness during energy trading. Moreover, we utilize fine-grained access control for energy trading services. We also build a consortium blockchain among energy brokers to verify and record energy trading transactions. Finally, we formally analyze the security and privacy of FeneChain and evaluate its performance (i.e., computational costs and communication overhead) by implementing a prototype via a local Ethereum test network and Raspberry Pi.
Authors: Meng Li; Donghui Hu; Chhagan Lal; Mauro Conti; Zijian Zhang.
Date of Publication: 17 February, 2020.