The China Energy Administration (CEA) operates under the direction of the National Development and Reform Commission of China (NDRC), which is responsible for implementing the country’s energy policy.
The Authority announced that it will explore the possibility of using a blockchain-based platform through which enterprises engaged in the production and storage of electricity can interact. CEA believes that blockchain technology will allow storing information about transactions in an unchanged form, and interested parties will be able to track it transparently.
CEA insists on the need to implement blockchain in the energy industry. In the past few weeks, Sichuan province has been experiencing significant power shortages. It led to massive power outages in industrial and residential areas. The drought has had a negative impact on the production and supply of energy in China, depleting local reservoirs, on which the electricity supply largely depends.
In July, Chinese software developer Insigma Hengtian Software entered into a contract with Yunnan Province to provide a blockchain-based system for electricity trading.
Yunnan Province is rich in water, so several hydroelectric power plants operate on its territory. Prior to China’s ban on cryptocurrency mining during the rainy season, the province attracted bitcoin miners thanks to a sharp increase in energy generation and low electricity prices. However, last year, authorities in Yunnan began forcibly disconnecting miners from the power grid, tightening supervision over bitcoin mining.
Source: Bits
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