China set to explore blockchain technology to facilitate electricity trading
The China Energy Administration (CEA) is set to investigate the use of blockchain-based power trading platforms to promote energy trade between self-contained power generation units and state and national networks. Notably, the CEA, a state organization under the National Development and Reform Commission (NDRC), responsible for drafting energy policy.
According to the Institute of Electrical and Electronics Engineers (IEEE), the immutable property of blockchain technology may enable transparent and trustworthy power metering as well as evidence of transactions. The province of Yunnan has an abundance of hydropower resources and several small hydropower facilities all around the province. Before China’s crypto ban, Bitcoin miners gravitated into the province due to its abundant energy supply and favorable pricing structure.
Source
https://t.me/CryptoMarketUpdates
