State Grid Corporation of China Selects Wanchain’s Blockchain Technology to Upgrade National Data Management System – Press release Bitcoin News

– Press release

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.

Media contact

Contact name: Temujin Louis.

Contact mail: [email protected]

More information on Wanchain – https://www.wanchain.org/

Following Wanchain on Twitter – https://twitter.com/wanchain_org

Find Wanchain on Facebook – https://www.facebook.com/wanchainfoundation/

Join the official Wanchain Telegram group – https://t.me/WanchainCHAT

Wanglu Tech Ltd. is the source of this content. This press release is for information purposes only. This information does not constitute investment advice or an offer to invest.

This is a press release. Readers should do their own due diligence before taking any action regarding the advertised company or any of its subsidiaries or services. Bitcoin.com shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services mentioned in the press release.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Related Tags:

state grid corporation of china stock,sgcc saudi arabia,state grid ev service,state grid international development,state grid overseas investment limited,china state power,Privacy settings,How Search works,state grid corporation of china annual report 2019,state grid corporation of china police verification form

More from author

Related posts

Latest posts

Next Week, Tesla and MicroStrategy Will Release Reports on their Crypto Holdings, Bloomberg

MicroStrategy Inc. and software company Tesla Inc. have been in the news for the past week, as each company has been working on developing...

SEC delays decision on Wisdom Tree Bitcoin ETF

The Securities and Exchange Commission (SEC) has put the decision on a Bitcoin ETF on hold until September 30. The decision was initially expected...

Euro Forex Market Steady as ECB Results Awaited

The Euro’s buoyancy was underlined yesterday by a steady market in which traders put their money to work as the ECB’s decision on whether...