China patents blockchain system to decentralize sharing of energy data

posted 11 months ago
China State Grid Corporation, the country's state-owned electricity utility monopoly, is looking to blockchain technology to advance its plans for an "Internet of Energy."

The energy giant's patent details its exploration of a blockchain-powered system to store and track information on, for example, consumer's power consumption, and share the data in a decentralized manner.

The corporation is proposing a decentralized system to facilitate data tracking on web-enabled devices which allows the system to pass newly generated data through a hash function and store the results on a tamper-proof blockchain.

The patent's concept is another move from a major Chinese state enterprise to explore and potentially adopt blockchain technology in advancing business operations.
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