World’s third largest company integrates Wanchain into its national data system

The State Grid Corporation of China has chosen to use Wanchain’s blockchain technology to upgrade its national data management system. Wanchain’s WAN token price has surged in the past week on the heels of a series of partnership announcements. 

Upgrading the national data management system

The world’s third-largest company and the biggest utility company on earth, the State Grid Corporation of China is looking to improve its data systems for better management by using Wanchain’s blockchain solutions.

The state-backed corporation supplies electricity to billions of people in China. The firm sets itself as the backbone for advancing the country’s ambitions as energy has become an increasingly important factor.

Wanchain’s blockchain solution was chosen by the corporation after an extensive analysis, given its special consensus arrangement and privacy-protecting techniques. The official press release stated:

On the basis of these results, State Grid selected Wanchain’s interoperable blockchain technology to build a company-wide, inter-departmental, cross-regional data management system.

Although blockchain technology has continued to evolve, private and public blockchains have been operating in silos. The report further stated that the system will leverage Wanchain’s T-Bridge framework, allowing for private and public blockchains to be interoperable. 

With the combination of emerging technologies including 5G, State Grid is considering the use of smart contracts to automate its data management system. 

Wanchain adds interoperability features

The creation of Wanglu Tech, a $580 million company in China, Wanchain had a successful initial coin offering (ICO) in 2017 and has since built an interoperable platform.

The blockchain firm introduced two-way wanBridges that enable native assets and tokens to operate between bridged blockchains. Wanchain provides decentralized bridges to support cross-chain transfers. 

Wanchain has had a series of additional interoperability features added, including a new version of its cross-chain mechanism in late February. This boosts cross-chain capacity by the sharing of wanBridge assets in a unified collateral pool. 

The CEO of Wanglu Tech, Jack Lu, announced on Twitter on March 9 that he successfully sent the first-ever Bitcoin to Ethereum transaction using the technology’s decentralized BTC to ETH bridge. 

To solve the issue of high network fees, the blockchain firm announced that it will bring some relief to users by reducing gas fees for moving assets cross-chain to Ethereum. 

Wanchain aims to build a financial ecosystem that allows for cross-chain transfers. Other popular blockchain projects, including Polkadot, Ren and Cosmos have also been exploring different aspects of blockchain interoperability.