Energy firms betting on blockchain for industry development

China's energy giants are betting on the potential of blockchain technology to decipher the future of the country's energy industry.

Blockchain's increasing appeal to China's leading energy companies came about when the central authorities highlighted the key role of the revolutionary technology in industrial transformation.

State Grid Corp of China, the largest power utility company in China that offers services to over 1.1 billion people across 26 regions, announced earlier in August it was setting up a branch for blockchain research and development, with one of its goals being to build an internet of things system for power transmission.