The State Grid Corporation of China will leverage Wanchain’s T-Bridge in upgrading its national data management system, according to an update on Mar 30.
Blockchain Benefits in Data Management
Wanchain laid out the benefits of merging blockchain technology into State Grid’s current systems as part of a contracted feasibility study. Specifically, the study outlined how Wanchain’s interoperable blockchain solutions can help modernize State Grid’s national data management system.
In powering the electric grid operator’s data system, Wanchain would introduce suitable consensus mechanisms and encryption algorithms for seamless integration with existing rails.
Wanchain aims to solve blockchain interoperability problems. They are launching a cross-chain-enabled solution to promote the adoption of blockchain.
According to trackers, its native currency, WAN, has a market cap of $111 million from a circulating supply of 169 million coins.
Upgrading State Grid’s National Data Management System
The Beijing-based and Fortune Global 500-listed State Grid is the largest utility company in the world and the third-largest company globally by revenue.
In 2017, they earned over $361 billion in revenue, employing over 913,000 employees. Its estimated asset worth is around $600 billion. The state-owned company supplies power to over 1.1 billion across 26 provinces, covering 88 percent of China’s territory.
The State Grid now plans to revamp and upgrade its data management system. Accordingly, they now plan to build a company-wide, inter-departmental, cross-regional data management system based on Wanchain’s Trusted-Bridge (T-Bridge) framework.
Jack Lu, the founder of Wanchain and the CEO of Wanglu Tech, said enterprise integration is critical in promoting blockchain adoption.
“We are extremely proud to be working with State Grid to modernize their data management systems. 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.”
More About T-Bridge
T-Bridge was the key innovation of Wanchain’s 4.0 mainnet, released in January 2020. It was designed by James Zhu, Wanchain’s Director of Engineering.
The bridge promotes interoperability between public and private blockchain networks, allowing users’ smart contracts and service providers on separate chains to interact via a standardizing router.
Notably, the generalized framework is a data and asset transfer bridge, a big part of the Wanchain Foundation’s objective of creating interoperability between heterogeneous public and private networks.
Through this standardized link, developers can easily connect their private dApps to public blockchains. Furthermore, with the activation of this bridge, there would be added functionality, which speeds up cross-chain integrations.
Heeding to Xi Jinping’s Blockchain Adoption Calls
In addition to integrating emerging technologies like 5G, the electric grid operator will leverage smart contracts to automate and streamline their data management system.
Already, China is a leader in 5G adoption with over 110 million users. Its leaders believe that a combination of 5G and blockchain will anchor the digital future. Increasingly, energy demand is from data centers and 5G base stations.
State Grid is receptive to emerging technology, in line with the Premier’s calls. Xi Jinping noted that blockchain technology was an important innovation that could play an essential role in industrial transformation. Early last year, the firm accepted Hyperchain’s proposal of creating an Internet-of-Things (IoT) solution on the blockchain.
This was part of their IoT request for proposal under their tech procurement program. In July 2020, State Grid launched its Blockchain Technology Laboratory to support its decentralized digital grid system that uses IoT.
Through Distributed Ledger Technology (DLT), it is possible to decentralize power grids, consumption, and energy trading, thereby allowing peak discounts and demand responses. The blockchain acts as a transparent and immutable virtual power plant helping in grid stabilization.