China has always been at the forefront of the world’s scientific and technological development. In October, 2019, Chinese President Xi Jinping proposed an upgrade to the country’s block chain technology on a national, strategic level.
— China has always been at the forefront of the world’s scientific and technological development. In October, 2019, Chinese President Xi Jinping proposed an upgrade to the country’s block chain technology on a national, strategic level. His goal was to support more substantial economic development by developing a credit data society. The Chinese worldwide electricity market volume is 3 trillion RMB per year; this includes hydroelectric power, coal power, and a wide range of wind and other renewable energy power sources. At the end of November, 2019, a block chain and electric power trading theme were organized in conjunction with each other at a conference held in Chengdu, “The Science and Technology Hinterland of China.” Under the guidance of the Chengdu New Economic Commission, Fu Anwen, founder of Chengdu Xcener Technology, shared the vision of the global development of block chain combined with the power contract trading market. Participants included key personnel from electric power enterprises, power companies, and government agencies.
In 2016, various national and provincial power trading centers, promoted by the State Grid of China, were successively established; this marked the entrance of Chinese power trading into the market-oriented arena. Science and technology companies and power trading enterprises in the current market have conducted research into the existing electricity production and trading system. Combined with their own technological advantages of researching and developing the block chain experience, they have been able to summarize block chain solutions in the power trading market. When block chain meets the electric power industry, combined with the four business application layers of the management platform, smart contracts, transactions, and data, we are able to solve the complicated technical issues and other difficulties that may arise. Such complexities include the lack of effective data analysis, the lack of accurate risk pricing, and many others that occur under the 2G industrial structure of general power transactions.
Utilizing data from each generation period and transaction in the anchor points of smart contracts, we can realize the consistency of global power variables and use smart contracts to effectively and efficiently manage power distribution transactions; consequently, we will be able to digitally upgrade the power trading market. Through the "Block Chain Plus Power Solution,” more than 10% of the comprehensive energy costs for 5 million users every year will be saved. These savings are equivalent to the power generation capacity of the Chinese Three Gorges power station for the past five years (for reference, the annual power generation capacity of this station is 100 billion KWH).
Looking forward to the future economic development of society, China has begun to build a credible social system implementing block chain, which will be a substantial benefit to people; things and data in our daily lives will become more real and reliable. As a more advanced solution and technology, it has the advantages of low-cost credit creation, distribution sharing, uniqueness, non-tamperability, traceability, adaptability and others, which will ultimately benefit everyone in the future.
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