Application Prospect of Blockchain in Renewable Energy Certificates

Abstract

Disadvantages like cumbersome verification and data centralization are involved in the application and transaction process of Renewable Energy Certificates in China. We realize that blockchain technology has been successfully applied in many fields with its features of decentralization, immutability, and traceability. As a result, we in this article aim to introduce blockchain into the current Renewable Energy Certificates trading system to solve the above problems. Firstly, this article gives an overview of blockchain technology, including its architecture and technical advantages. Secondly, it describes China's Renewable Energy Certificates transaction process and analyzes the potential challenges faced by it. Finally, it proposes a Renewable Energy Certificates trading system based on blockchain technology and analyzes its operation mode, advantages, and potential problems.