Blockchain-based Decentralised Energy Markets
About this project
Project description
In an era of rapid technological advancement, this project leverages blockchain technology’s transformative potential in the energy sector. Aligned with the strategic priorities of both Australia and India, this project aims to contribute to promoting energy supply, welfare, and sustainability amid the evolving landscape of energy markets. We propose and study mechanisms involving decentralized, peer-to-peer trading in the energy sector by using tools of game theory.
The central objective of this project is to conduct a comprehensive theoretical analysis by designing a mechanism and comparing it with existing methods for trading energy through blockchain-based peer-to-peer trading. It also aims to study the effects of this market mechanism on producing, distributing, and storing energy.
In addition to its theoretical contribution, this research holds tangible potential benefits. By fostering decentralized trading mechanisms, the project aims to enhance competition within energy markets. We anticipate that this increased competition will, in turn, boost the overall supply of energy, ultimately improving the welfare of households. This is particularly relevant as there is a surge in the local production of energy through renewable sources, such as solar panels. The decentralized nature of our proposed mechanisms could incentivize households to become direct suppliers, further contributing to the growing trend of localized energy production.
In sum, our project offers a theoretical foundation for the practical implementation of blockchain technology in energy markets. The outcomes promise not only economic advancements but also a step toward a more sustainable and resilient energy ecosystem for both Australia and India.
Outcomes
Advance knowledge in the area of blockchain, decentralised markets, game theory, market mechanism, energy market, and sustainability
Disseminate research findings via publications in peer-reviewed high-quality journals, seminar and conference presentations, and through the media
Provide a basis for applying for external funding (through the Australian Research Council, or other agencies)
Shed light on ongoing policy discussions around blockchain technology, the energy market in Australia, India, and the global economy scale.
Information for applicants
Essential capabilities
Students should have strong quantitative and analytical skills, as well a work ethic
Desireable capabilities
Background in economic theory, game theory, algorithm
Expected qualifications (Course/Degrees etc.)
Bachelor with a high degree of achievement (e.g., first class Honours), or Masters level qualifications in the following (or related) subjects: – Economics – Business – Mathematics – Engineering – Computer Science.