Southern Power Grid Applies for Blockchain-Based Power Retail Transaction Patent: Enhancing Efficiency and Security

Southern Power Grid Applies for Blockchain-Based Power Retail Transaction Patent: Enhancing Efficiency and SecurityOn January 31, 2025, the State Intellectual Property Office of China revealed that Southern Power Grid Digital Enterprise Technology (Guangdong) Co., Ltd

Southern Power Grid Applies for Blockchain-Based Power Retail Transaction Patent: Enhancing Efficiency and Security

On January 31, 2025, the State Intellectual Property Office of China revealed that Southern Power Grid Digital Enterprise Technology (Guangdong) Co., Ltd. had applied for a patent titled "A method and system for processing power retail transaction information based on blockchain," with publication number CN119379289A and an application date of November 2024. This patent marks a significant step forward for Southern Power Grid in leveraging blockchain technology to improve the efficiency and security of power retail transactions, offering a new approach to the digital transformation of the power industry.

The patent abstract indicates that the invention pertains to the field of power retail technology, focusing on constructing a blockchain-based method and system for processing power retail transaction information. The system aims to address the shortcomings of existing power retail service models and products in meeting the specific needs of diverse users, and the insufficient service efficiency and customer experience offered by power sales companies, which negatively impacts user satisfaction and the healthy development of the power retail market.

The key features of this patent lie in its utilization of blockchain's decentralized and highly secure nature, combined with smart contract technology, to significantly enhance the efficiency and security of power transactions. Specifically, the system establishes a distributed blockchain network, with nodes including power suppliers, retailers, consumers, and potentially regulatory bodies. This enables transparent sharing of transaction information among all parties, effectively preventing data tampering and information leaks.

Self-executing smart contracts are deployed within this distributed blockchain network. These smart contracts, pre-programmed with defined transaction rules and conditions, automatically execute transactions without human intervention. This greatly simplifies the transaction process, improves efficiency, and reduces the risk of human error.

Smart contracts not only automate transactions but also retrieve transaction information and extract core data. Key information such as transaction amount, electricity quantity, and transaction time is stored by the smart contract on the blockchain. Blockchain's immutability ensures the permanent preservation of this data, guaranteeing the authenticity and integrity of transaction information.

By combining blockchain technology and smart contracts, this patent effectively addresses several pain points in existing power retail transactions. Firstly, it resolves information asymmetry. In traditional power retail transactions, information is often concentrated in the hands of a few parties, leading to information asymmetry and potential disputes. The transparency and traceability of blockchain technology ensure that all parties can access real-time transaction information, effectively mitigating issues stemming from information asymmetry.

Secondly, the patent improves transaction efficiency. The automated execution of smart contracts reduces manual intervention, accelerating the transaction process and shortening transaction times. This is crucial for the power retail industry, enhancing customer satisfaction and market competitiveness.

Thirdly, the patent enhances transaction security. Blockchain's decentralized nature and encryption technology effectively prevent data manipulation and cyberattacks, ensuring the security and reliability of transactions. This is particularly important for the power retail industry, protecting consumer rights and maintaining market order.

Southern Power Grid Digital Enterprise Technology (Guangdong) Co., Ltd., the applicant for this patent, possesses strong technical capabilities and extensive industry experience, providing a solid foundation for the technology's development. Established in 1995 and located in Guangzhou, the company primarily engages in software and information technology services. According to Tianyancha data, the company has registered capital of RMB 50,000.0047 million and paid-in capital of RMB 30,252,694. Furthermore, the company has participated in 2990 bidding projects, holds 285 patents, and possesses 19 administrative licenses. This data demonstrates the company's strength in technological innovation and market competition.

This patent application reflects Southern Power Grid's proactive embrace of new technologies and its commitment to driving the digital transformation of the power industry. It also provides a new direction for the future development of the power retail sector. With further refinement and application of this technology, we can expect more efficient, secure, and convenient power retail transaction models, providing consumers with better services and promoting the healthy development of the power retail market. This technology promises to address long-standing pain points such as information asymmetry, low transaction efficiency, and inadequate security, ultimately improving consumer satisfaction and fostering the healthy and orderly development of the power market.

The emergence of this patent will undoubtedly have a profound impact on the power retail market. It will not only improve transaction efficiency and security but also enhance user experience and promote fair market competition. As blockchain technology continues to develop and be applied, we will see more blockchain-based power retail solutions emerge, contributing to the construction of a smarter and more efficient energy internet. Southern Power Grid's initiative also provides valuable guidance and reference for other power companies, accelerating the pace of digital transformation across the entire power industry. This is not merely a technological breakthrough but also a positive exploration of the future direction of the power retail market.