Chinese power giant State Grid has launched a trial scheme to apply blockchain technology to the use of the digital renminbi for utilities payments in the country’s north-eastern province of Liaoning.
State Grid Liaoning Electric Power Supply (国网辽宁电力) recently launched a trial that permits the use of the digital renminbi to pay for utilities fees via State Grid’s official “Dian E Bao” (电e宝) app.
The trial also makes use of the blockchain technology developed by its specialist subsidiary, State Grid Blockchain Tech (国网区块链科技公司), for the purpose of “providing secure and trustworthy digital renminbi payments.”
“This is another breakthrough for State Grid Liaoning and State Grid Blockchain Technology in accelerating the use of the blockchain to invigorate the real economy,” said State Grid in an official statement.
“With the additional support of the blockchain, the digital renminbi can not only ensure that personal and enterprise information is secure and isn’t leaked, it can also raise the security of transactions,” said Yu Xiaokun (于晓昆), an executive from State Grid Blockchain’s energy department.
“The use of timestamps can also enable all transactions to be have a foundation for inspection, making them traceable and preventing false transactions and data forgery via technology.
“This resolves the difficult problems of data reliability and veracity when it comes to the digital renminbi.
“In addition to this, use of the smart data management capabilities of the blockchain can reduce enterprise financial procedures, expanding the management scope of engaged personnel, thus reducing financial risk and making financial work more smart and effective.”
State Grid has already undertaken digital renminbi payments trials in a total of nine locations across China, including Dalian, Shanghai, Qingdao and Chengdu.