Chinese authorities allowed electricity power operators to use blockchain technology in the power trading.
We all know very well how China busted all kinds of crypto mining operations from China whether based in online or offline. But the government of China is not going to Boycott blockchain technology, they are eager to use blockchain technology in all possible ways to make their country better in the world.
As we know China is a biggest country in terms of carbon emission, so the ban of crypto mining operations from China was also the plan of making China free from carbon emission.
Related: China national Crypto Mining Ban
The National Development and Reform Commission published a blog and informed that China is moving toward green energy and now they will trade the green energy with the use of blockchain technology.
To pilot the green energy trading with blockchain technology use, only two national grid operators got approval. These two national grid operators are the State Grid Corporation of China and China Southern Power Grid Corporation, representative of the NDRC official mentioned on the website.
The two companies will set up their two centres of trading, Beijing and one in Guangzhou.
And also they talked about why they are using blockchain technology. According to the NDRC officials, Blockchain has very high potential to save the data with more details and also have better potential to transfer the data easily.
“record the information of each link of green power production, transaction, and consumption,”
NDRC also claimed that Blockchain technology in the green energy trading will not only help China to lower the carbon footprint level but also it will help to solve the global energy problems.