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Chinese Power Giant & World’s 5th Biggest Company in Blockchain Dive

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 25, 2023

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The State Grid Corporation of China (SGCC), the largest utility company in the world, says it will launch a blockchain “lab” – in a bid to adopt blockchain technology to its business workings and internal operations.

The SGCC is headquartered in Beijing, has around 1 million employees and, according to Fortune-compiled figures, is the world’s fifth-largest company by revenue.

Per CWW (via Sina), the laboratory will be operated by the SGCC’s e-commerce arm. The lab will be fronted by eminent academic Zheng Zhiming, a professor at Beihang University and a member of the Chinese Academy of Sciences.

The lab will comprise an R&D center, as well as a testbed for small-scale pilots of blockchain-related business models.

The report’s authors add that the lab will initially be charged will developing new digital infrastructure for the SGCC, but will also move on to look into core blockchain innovation, “multiple” business applications and blockchain-related IP matters – both internationally and in Mainland China.

The lab will also be asked to help form industry-wide blockchain standards. Forming nationwide standards for the blockchain industry is currently a very high priority for both Beijing and Chinese tech giants.

The media outlet quotes a Chinese blockchain specialist as stating that the move will help boost transparency in the national energy provision sector.

SGCC says that its blockchain drive will have beneficial effects for the “entire industry,” as well as other business sectors and energy consumers.
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