Chinese state power grid managers consider using blockchain

Despite the pressure of Chinese regulators towards cryptocurrency businessmen, the local state electricity companies are not excluding the use of blockchain solutions for efficient energy management. This has been confirmed by the recent reports on China State Grid Corporation which has filed a patent on a technology which will allow to track the use of electricity by using distributed ledger technologies.

The decentralization of sensitive data and its improved security are mentioned as the main reasons why the power grid of China would need such an upgrade. Reporters note that the patent filing was originally sent in November last year, but it has been released only recently.

The efficient use of energy has become one of the primary concerns of the world’s richest countries. The United States and Australia are making careful steps towards the wider use of blockchain in the energy sector. Researchers of both countries note that the DLT and distributed energy concepts fit each other very well. At the press time, there is no state which is managing its whole power supply and electricity circulation with the help of the principles of blockchain.

Image courtesy: Business Insurance