China to use blockchain technology to pilot green energy trading plan

SEP 12, 2021

China launched a pilot program on Tuesday to enable direct trade in green energy between wind and photovoltaic power generation companies and consumers. communicated the country’s National Development and Reform Commission.

The project, which will be carried out by the Beijing Energy Exchange Center and the Canton Energy Exchange Center, aims to “accelerate the development of green energy and accelerate assistance to the country’s transition to clean and low carbon technologies“.

At first, only wind and photovoltaic energy will be used, but other renewable energy sources will be integrated later. Shi Lianjun, general manager of the Beijing Energy Exchange Center, stated that 222 companies submitted their applications to participate in the program, pick up China Daily.

From the Commission they highlighted that there are now technologies that will guarantee the functioning of the market, such as the blockchain (‘blockchain’). “New technologies such as ‘blockchain’ can help to accurately record information on green energy production, transactions, consumption and other procedures,” they indicated, adding that this not only will exclude the possibility of counterfeiting of the data, but will allow the complete life cycle of the energy to be traced.

In this context, Wang Dong, head of the State Grid Blockchain Technology company, highlighted that the use of the blockchain will help to optimize procedures, lower their cost and increase efficiency, while it can exclude risks of errors.

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