It goes without saying that the crypto market has tons of use cases, and most of them are justified in their own doing.
These are not accustomed to the natural trade of the entities as there are tons of other services that can be explored with the help of blockchain technology; the NFTs, crypto wallets, smart contracts, and DeFi protocol are some examples of the vastness of the crypto market and the blockchain technology in general.
In stocks and forex markets, you can only engage with one activity, and that is the active trade of the assets that are being traded on these platforms; crypto market is just so wholesome when it comes to its use case.
China’s Crypto Ban
China has had a negative crypto stance for a few years now, it was the first country to facilitate the use of mining within the crypto arcade and to provide these miners with cheap electricity and mining equipment, and it was the first country to have banned the act of mining and seize of the mining equipment and mining operation altogether.
The whole crypto market bled red because of China and its admission of the fact that it will never accept crypto in any shape or form; in fact, the whole crypto market crashed pretty hard, and the mining profile and hash rate of various cryptocurrencies were affected in the past.
Now China is facilitating the applications of blockchain technology to really get a hand over the electricity trading scenario within the country. Many businesses and companies are self-sufficient in the energy production business as these have their own solar or hydro plants that are private and are generating tons of extra electricity.
A system could be developed on blockchain technology that could allow the active transfer or trade of electricity between these self-sufficient platforms and the China Energy Administration.
In another report published by the institute of electrical and electronics Engineers, blockchain technology could also be used for the sake of metering the active use of electricity by Chinese households, which would help in billing and averaging the cost of electricity production and its consumption.