Revisiting the issues of manipulation and unauthorized disclosure of traditional electric meter data during transmission, storage, and sharing, this study explores the use of blockchain technology to safeguard grid data privacy. Combine blockchain technology with Paillier homomorphic encryption method to protect and share data privacy; Encrypt the data directly at the end of the smart meter to prevent the data from being maliciously eavesdropped; The encrypted power data at the station is collected by a smart terminal within the station’s vicinity and then sent to the cloud. During its transmission, the encrypted data undergoes hashing and is stored across the connection to safeguard against any unauthorized alterations to the data. To enhance the speed of the encryption and decryption procedures, the modular exponentiation operation from the initial algorithm is broken down by employing the Chinese Remainder Theorem. The test results show that the computing efficiency of encryption and decryption with different key lengths can be increased by 50% to 75% on the premise of security, which can meet the requirements of using ciphertext data directly for dynamic pricing, electricity settlement, and exception analysis.