PRESS RELEASE. The State Grid Corporation of China will implement the Wanchain blockchain interoperability platform for its national data management system.
30. March 2021, Beijing, China – Wanglu Tek Ltd. (Wanchain) is pleased to announce that the State Grid Corporation of China has approved the results of the feasibility study contract.
The study systematically analyzed the impact of integrating blockchain technology into State Grid’s national data management system and concluded that blockchain-wanchain technology is ideally suited to modernize the national data management system of the world’s largest utility.
Strengths of the study
The results of the feasibility study highlight the specific requirements of the state network’s national data management system and describe the specific consensus mechanisms and encryption algorithms best suited for integration with existing systems.
Based on these findings, State Network selected Wanchain’s interoperable blockchain technology to build an enterprise-wide, cross-departmental and cross-regional data management system. This upgraded system will use the Wanchain T-Bridge, which provides interoperability between private and public blockchain systems.
Jack Lu, founder and CEO of Wanglu Tech notes:
We are very proud to be working with State Grid to upgrade their data management system. Large enterprises are an important channel for widespread adoption of blockchain technology. Corporate blockchains 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
The government network will also use smart contracts to automate and optimize data management systems. Among other emerging technologies, such as 5G, State Grid is developing a new integrated data management system using Wanchain blockchain technology.
About the state network
State Grid is a central state-owned company that was established on 29… The Company was incorporated on 31 December 2002 under the Company Law of the People’s Republic of China. As a large state-owned enterprise, vital to China’s energy security and economic life, State Grid, with registered capital of RMB 829.5 billion, considers investment in, and construction and operation of, power grids as its core business.
The national power grid serves more than 1.1 billion people in 26 provinces, autonomous regions and municipalities, covering 88% of the country. In 2020, the company ranked third on the Fortune Global 500 list.
About Wanglu Tech Ltd.
Wanglu Tech Ltd. founded in 2016, is a company that provides innovative and interoperable blockchain-based solutions and applications for governments and enterprises. Wanglu Tech Ltd. is engaged in the core development of the Wanchain blockchain infrastructure on behalf of the Wanchain Foundation.
Contact name: Temujin Louis.
Contact mail: [email protected]
More information on Wanchain – https://www.wanchain.org/
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