PRESS RELEASE. The State Grid Corporation of China will be adopting blockchain interoperability platform Wanchainâ€™s technology for their national data management system.
30th March, 2021, Beijing, China â€“ Wanglu Tech Ltd. (â€œWanchainâ€) is pleased to announce that the State Grid Corporation of China (â€œState Gridâ€) has approved the results of its contracted feasibility study.
The study systematically analyzed the impact of integrating blockchain technology into State Gridâ€™s national data management system and concluded that Wanchainâ€™s blockchain technology is ideal to upgrade the worldâ€™s largest utility companyâ€™s national data management system.
The feasibility study results highlight the unique requirements of State Gridâ€™s national data management system and outlines the specific consensus mechanisms and encryption algorithms best suited to integrate with existing systems.
On the basis of these results, State Grid selected Wanchainâ€™s interoperable blockchain technology to build a company-wide, inter-departmental, cross-regional data management system. This upgraded system will leverage Wanchainâ€™s T-Bridge framework, enabling interoperability between private and public blockchains.
Jack Lu, Founder and CEO of Wanglu Tech notes:
â€œWe 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 Wanchainâ€™s interoperable blockchain technology as the best in the industry.â€
Smart Contracts and 5G
State Grid will also use smart contracts to automate and streamline data management systems. Combined with other emerging technologies, such as 5G, State Grid is designing a new, integrated data management system using Wanchainâ€™s blockchain technology.
About State Grid
State Grid is a central state-owned enterprise (â€œSOEâ€) established on December 29, 2002 under the Company Law of the Peopleâ€™s Republic of China. As a super large-scale SOE crucial to Chinaâ€™s energy security and economic lifeline, State Grid takes the investment, construction and operation of power grids as its core business, with a registered capital of RMB 829.5 billion.
State Grid supplies power to over 1.1 billion people in 26 provinces, autonomous regions and municipalities, covering 88% of the national territory. In 2020, the company ranked third on the Fortune Global 500 list.
About Wanglu Tech Ltd.
Wanglu Tech Ltd., established in 2016, is a blockchain company dedicated to providing government and enterprise clients 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.
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Wanglu Tech Ltd. is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.