Wanchain announced today that China’s State Grid has approved the results of a feasibility study to upgrade the world's largest utility company’s national data management system.
The feasibility study highlighted the required consensus mechanisms and encryption algorithms that will best integrate into State Grid’s existing systems.
On this basis, State Grid has chosen Wanchain’s interoperable blockchain technology to build a completely overarching data management system for the entire State Grid company.
The upgraded system will leverage Wanchain’s T-Bridge framework, enabling interoperability between private and public blockchains. The system will also use smart contracts, and other emerging technologies such as 5G to streamline and automate the system.
Jack Lu, Founder and CEO of Wanglu Tech (Wanchain) stated:
“We are extremely proud to be working with State Grid to modernize their data management system. Large enterprises present an important avenue for the widespread adoption of blockchain technology. Enterprise blockchain solutions highlight the need for truly interoperable solutions. This collaboration reinforces Wanchain’s interoperable blockchain technology as the best in the industry.”
About State Grid
State Grid is a central State-Owned Enterprise (SOE) and is crucial to China’s energy security. State Grid supplies power to over 1.1 billion people in 26 provinces, autonomous regions and municipalities, covering 88% of the national territory.
It has a core business of investment, and the construction and operation of power grids. It has a registered capital of 829.5 billion RMB.
Wanglu Tech Ltd, the parent company of Wanchain, is a blockchain technology company that provides governments and enterprises with innovative, interoperable blockchain solutions and applications. Wanglu Tech Ltd. Handles the core development of the Wanchain blockchain infrastructure on behalf of the Wanchain Foundation.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.