The China Energy Administration (CEA) will explore blockchain-based power trading platforms to facilitate electricity trading between self-contained power generation units and the state and national grids, according to a policy document released last Friday.
Fast facts
Blockchain technology’s immutable characteristic can provide transparent and reliable electricity metering and proof of transactions, according to IEEE or the Institute of Electrical and Electronics Engineers.
According to the CEA, a state agency responsible for formulating energy policy under the National Development and Reform Commission (NDRC), the policy will explore the possibility for small and medium-sized power generation and storage facilities that service local neighborhoods to trade energy with state and national grids.
Chinese software firm Insigma Hengtian Software said in July that the Yunnan province in the southwest of the country awarded it a contract to provide a blockchain-based electricity trading...
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