blockchain

China To Explore Blockchain Usage To Foster Electricity Trading

Metaphrase: China wants to test the usage of blockchain for electricity metering. This will foster power exchange between autonomous power plants and regional networks.

China’s CEA (China Energy Administration) is evaluating the usage of blockchain power trading systems in power distribution. This would allow energy trading between independent power production units and national and state networks.

The CEA is a state body under the NDRC (National Development and Reform Commission). It is saddled with the task of formulating energy policies.

Usage Of Blockchain Tech For Power Metering 


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According to a report released on August 25th, the agency’s latest policy would examine the possibility of having small and medium-scale electricity producing and storage units supplying neighborhood populations.

The ECA said:

“The leading group of the National Energy Administration has deliberated and also adopted the plans for strengthening the reform of Management, Decentralization, and Services in 2022. It has also looked at ways to optimize the distribution of key tasks in 2022. This aims to promote a total transformation of the country’s National Energy Administration.”

Meanwhile, the country’s IEEE (Institute of Electrical and Electronics Engineers) believes that the power of blockchain tech could allow for trustworthy and transparent electricity metering. The institute also opines that it could provide evidence of power transactions. 

Last month, a software company in the nation, Hengtian Software, stated that the Yunnan province had given it a contract. According to the agreement, the software firm will provide the region with a blockchain-powered electricity trading system. 

Several minor hydropower plants are located across the Yunnan region with lots of hydropower resources. Before China banned the usage of crypto and its related activities, this was a hub for crypto miners.

The Issue Of Power Shortage In Sichuan

Most BTC miners moved into Yunnan because of its favorable power pricing structure and abundant power supply. However, the crypto ban forced most miners out of the country, although the report alleges that some went underground. 

Furthermore, it is worthy to say that China’s latest issue of drought and heat waves has affected the country negatively. They have affected the country’s ability to generate and supply power.

Over the past months, the people of Sichuan have suffered continuous power shortages. This has led to the inadequate power supply to both residential and industrial areas harming businesses and economic activities.

Since the country’s electricity generation depends on the hydroelectric dam, drought has been an issue. This is because the drought caused the depletion of local water reservoirs.

In turn, this depletion affected hydropower generation. Hence, it has cut the region’s main source of power generation by over 50%. 

However, the latest innovation could help transfer power from regions with high generation to areas with low generation. 


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