Press Release: State Grid Corporation of China selects Wanchain’s blockchain technology
30th March, 2021, Beijing, China — Wanglu Tech Ltd. (“Wanchain”) is pleased to announce that the State Grid Corporation of China (“State Grid”) has approved the results of its contracted feasibility study.
The study systematically analyzed the impact of integrating blockchain technology into State Grid’s national data management system and concluded that Wanchain’s blockchain technology is ideal to upgrade the world’s largest utility company’s national data management system.
Study Highlights
The feasibility study results highlight the unique requirements of State Grid’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 Wanchain’s interoperable blockchain technology to build a company-wide, inter-departmental, cross-regional data management system. This upgraded system will leverage Wanchain’s T-Bridge framework, enabling interoperability between private and public blockchains.
Jack Lu, Founder and CEO of Wanglu Tech notes:
“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.”
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 Wanchain’s blockchain technology.
About State Grid
State Grid is a central state-owned enterprise (“SOE”) established on December 29, 2002 under the Company Law of the People’s Republic of China. As a super large-scale SOE crucial to China’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 Wanchain
True DeFi is interoperable — Wanchain, the Wide Area Network chain, is the world’s premier decentralised blockchain interoperability solution. Our mission is to drive blockchain adoption through interoperability by building fully decentralised bridges that connect the world’s many siloed blockchain networks. This crosschain infrastructure empowers developers to build truly decentralised crosschain applications to power the future of DeFi.
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