Energy News Supply chain

China’s Hyperchain to apply blockchain to national grid


Last week, Chinese enterprise blockchain firm Hyperchain (Hangzhou Qulian Technology) announced that it will create a solution for the country’s national grid. It has also been reported that the firm will release a new version of its supply chain platform at a conference this week.

According to the company, China’s State Grid Corporation accepted Hyperchain’s bid for a blockchain solution to support internet of things (IoT) capabilities. The state energy body requested IoT proposals as part of its tech procurement program.

Hyperchain developed an energy asset management platform with Green Ledger last year. While it is unconfirmed whether a similar platform will be used for the national grid, the Green Ledger project also focused on IoT and streamlining the flow of capital. Using blockchain, the firm immutability tracked data, with sustainable equipment such as photovoltaic panels, and enabled the trading of electricity on an open, transparent platform.

The tech unicorn has built several other blockchain solutions and raised over RMB 1.5 billion ($234m) in funding since its establishment in 2016. Its supply chain software as a service (SaaS) platform, FiLoop, won two awards this year at a national summit. The platform runs on Hyperchain’s blockchain and brings standardized, scalable, and efficient financing to enterprises.

FiLoop digitizes documents such as invoices and warehouse receipts immutably, so parties across the supply chain can streamline their accounts. SMEs are hence more easily able to gain credit and insurance. It further integrates biometric authentication, such as facial recognition, and smart contracts for business processes.

China Merchants Bank uses FiLoop for supply chain finance, and the platform lists other partners such as People’s Bank of China (PBOC), China Construction Bank, and the Agricultural Bank of China. The firm has also developed digital deposit certificates with UnionPay.

It’s not just in China that Hyperchain has been recognized, Deloitte and Microsoft Azure are FiLoop partners, and Hangzhou Qulian Technology made the Forbes 2019 list of the 50 most innovative companies in China.

At the upcoming Hyperchain ‘Autumn Strategy Press Conference’, it has been reported that a new version of FiLoop will be released. The firm also announced that new agreements will be signed “on the spot”.

Image Copyright: Alan / Deposit Photos