u.today
State Grid is a key state-owned enterprise ("SOE") in China that addresses energy supply. It serves 1.1 billion people in 26 provinces, autonomous regions and municipalities that is equal to 88 percent of China's territory. With the new partnership, it will integrate blockchain-based mechanisms by Wanchain (WAN) to optimize its business processes.
State Grid adopts Wanchain's (WAN) instruments
According to a press release shared with U.Today, Wanchain (WAN), a blockchain project that powers sophisticated systems for governments and businesses, has partnered with the State Grid Corporation of China ("State Grid"), leading energy supplier for the country.
The administration of "State Grid" approved the results of Wanchain's "Feasibility Study" and announced that integration of Wanchain's tools will advance company processes.
Thus, Wanchain (WAN) blockchain technology is chosen by "State Grid" to bring a crucial update to the national data management system.
The new mechanism will harness T-Bridge, a unique Wanchain concept that bridges public and private blockchains and allows them to operate as a single cross-asset interoperable network.
Jack Lu, founder and CEO of Wanglu Tech, the company behind Wanchain (WAN) blockchain solutions, stresses the splendid prospects of this partnership:
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.
Moving data management to smart contracts
Also, "State Grid" will initiate the migration of its data management tools to the smart-contract-powered environment. It will ensure the integrity and attack resistance of its information transfer systems.
The company will explore the benefits of Wanchain (WAN) blockchain-based data storage tools combined with other next-gen technologies, such as 5G.
Thus, this partnership is among the most crucial ones for both companies since their inceptions. Also, it is one of the pioneering "all-in" blockchain experiments for a Fortune 500 company.