On October 27th, the State Grid announced that State Grid Blockchain Technology (Beijing) Co., Ltd. has been officially established and has moved into the Xicheng Park of Zhongguancun Science Park. 

In terms of equity structure, State Grid Blockchain Technology (Beijing) Co., Ltd. is a wholly-owned subsidiary of State Grid E-commerce Co., Ltd. It is known that State Grid Blockchain Company focuses on research of blockchain technology, product development, construction and operation of public service platforms, etc. It is positioned to build public technical means for the construction of the ubiquitous power Internet of Things, to realize the super bond for all things to connect, and to establish a secure defense line for fair market transactions and a credit guarantee for the digital economy. 

The ubiquitous power Internet of Things is a major strategic priority that the current State Grid is actively promoting. In March this year, a video conference on the deployment of the "ubiquitous power Internet of Things" construction was held in Beijing. Chairman Kou Wei pointed out that the most urgent and important task for the company at present is to accelerate the construction of the ubiquitous power Internet of Things. On October 12th, Kou Wei stated that this year is the starting year of the construction of the ubiquitous power Internet of Things. There are less than three months left until the end of the year. The entire company must exert greater efforts and determination to ensure the completion of the annual construction goals. 

The official statement released by State Grid today indicates that the technological form of blockchain is highly compatible with the company's construction of the ubiquitous power Internet of Things. It can promote mutual trust among upstream and downstream industries, achieve efficient data sharing, enhance risk prevention capabilities, and effectively solve the problems of data integration, network security, and multi-party collaboration encountered in the construction of the ubiquitous power Internet of Things. 

Next, State Grid Blockchain Company will leverage the most powerful industry ubiquitous connection capabilities, the most flexible resource optimization allocation capabilities, and the efficient value creation and sharing capabilities of blockchain to empower the development of hub-type, platform-type, and sharing-type enterprises, and comprehensively contribute to the construction of a world-class energy internet enterprise with "three types and two networks". 

In recent years, the State Grid has been actively exploring blockchain technology. It is reported that the State Grid has developed a full-chain financial technology products based on blockchain, including electronic contracts, power settlement, supply chain finance, electricity finance, and big data credit assessment, which are suitable for various types of application scenarios such as guarantee, financing, and transactions. It has formed a "1 5 N" blockchain financial risk control framework system. By establishing a new blockchain governance mechanism, it promotes the upgrading of risk control technology and enhances the risk management capabilities of the financial industry. 

The supply chain financial products based on the blockchain platform have realized functions such as on-chain storage and certification of important bill information and contract information generated in supply chain transactions, data encryption, credit confirmation, tracking and traceability. They serve businesses such as accounts receivable factoring financing, e-commerce procurement financing for materials, enterprise credit, and joint rewards and punishments. 

Based on blockchain technology, self-developed financial service products such as e-Dai and e-Payment Ticket have been created. These products provide functions such as ticket preservation, on-chain review, ticket traceability, and circulation management for electricity-related financial applications. They have achieved full-process traceability, verifiability, credibility, and traceability of the tickets. 

Based on blockchain technology, this electronic contract relies on the platform advantages of the core node of "Tianping Chain" of the Beijing Internet Court of State Grid E-commerce Company (State Grid Financial Technology Group). By utilizing smart contract technology and combining blockchain identity authentication mechanism, it provides enterprises and individuals with legal-effective online contract full-process management and evidence preservation and collection services.