China’s National Development and Reform Commission has approved testing of blockchain for green energy trading across the country by two of China’s largest grid operators.
In a statement on its website, China’s National Development and Reform Commission (NRDC) has issued an official response regarding the use of blockchain for green energy trading to two of China’s national grid operators, the State Grid Corporation of China and China Southern Power Grid Corporation.
According to an unnamed NRDC official, blockchain is one of the technologies that can be implemented in green energy trading, as it allows you to securely “record information about every link in the production, transaction and consumption of green energy.”
According to state-run media outlet People’s Daily, two grid operators will launch green energy trading platforms, one each in Beijing and one in Guangzhou. State Grid has filed a patent application for green energy transaction certificates on the blockchain, according to NRDC.
The NDRC hopes that the blockchain trading system will not only help China meet its carbon reduction targets by encouraging green energy use, but will also be a solution to global energy challenges.
State Grid is also testing data management technology on the blockchain. Recall that in July, the Chinese city of Tianjin, known for its heavy industry and oil refineries, issued China’s first blockchain carbon offset certificate.