BAILIF: A Blockchain Agnostic Interoperability Framework

Blockchain technology has the potential to revolutionize the energy sector by enabling peer-to-peer energy trading, demand-side flexibility trading, and renewable energy certificate trading, among other decentralised energy trading use cases. However, the lack of interoperability between blockchain networks and platforms is a significant challenge that leads to data and information silos. To address this challenge, a Blockchain Agnostic Interoperability Framework (BAILIF) is proposed, which provides a decentralized notary service and a cross-chain attestation and verification protocol. BAILIF adheres to the core principles of blockchain, such as decentralization, transparency, and trust, and can be adopted in other decentralized ecosystems where blockchain interoperability is required. A proof of concept for a distributed energy trading application demonstrates the solution's feasibility. The results showed that BAILIF could achieve a throughput of up to 666 transactions per second, indicating its potential to enable seamless data sharing across blockchain platforms and promote the adoption of renewable energy sources.

Automated summary

Blockchain technology can revolutionize the energy sector by enabling peer-to-peer energy trading, demand-side flexibility trading, and renewable energy certificate trading, among other decentralised energy trading use cases. However, the lack of interoperability between blockchain networks and platforms is a significant challenge that leads to data and information silos. To address this challenge, a Blockchain Agnostic Interoperability Framework (BAILIF) is proposed, which provides a decentralized notary service and a cross-chain attestation and verification protocol. A proof of concept for a distributed energy trading application demonstrates the solution's feasibility, with BAILIF achieving a throughput of up to 666 transactions per second, indicating its potential to enable seamless data sharing across blockchain platforms and promote the adoption of renewable energy sources.