VeChain Partners With Shanghai Gas And ENN On Natural Gas Initiative Using VeChainThor Blockchain
The world is seeking to shift to the adoption of clean energy, and China is making significant strides towards achieving that goal. As per today’s announcement, blockchain-based firm VeChainThor Blockchain begins a partnership with the leading Chinese energy and gas companies ENN Energy holdings and the State-owned Shanghai Gas Group.
VeChain partners with Shanghai Gas and ENN to pilot blockchain-enabled Liquified Natural Gas solution prior to national roll out.https://t.co/CUtMbQbSUW
— VeChain Foundation (@vechainofficial) November 1, 2018
The official proclamation for the liquefied natural gas (LNG) development came during the China International Gas and Heating technology and Equipment Exhibition 2018. The event was a product of the China Gas Association, and VeChainThor confirmed of the progress and partnership through their Medium post.
How The Partnership Will Work
In the stipulated arrangement, ENN Energy Holdings Limited will oversee the technical team and potential testing locations for their existing business during the pilot roll-out of the solution. The firm will also be in charge of the design and system construction in the different LNG-related business scenarios once the solution is in place.
Concurrently, VeChain is responsible for the core blockchain technology and provide any additional software services necessary. Shanghai Gas is set to play a supervisory role with the party ensuring the solution expands through China's LNG market and connects similar companies. The position will also have Shanghai Gas oversee resource coordination and provide support the development of LNG-related entities under the commercial landing project.
China's demand for LNG has grown by over 50%, as the government seeks to rid the nation of coal use and other carbon-rich fossil fuels. To mitigate carbon emissions and champion for LNG, China's leading energy companies are set to utilize blockchain solutions powered by VeChainThor to develop a liquefied natural gas solution.
The LNG Blockchain solution will be responsible for handling quality assurance processes such as standards, supply process, weighing practices, and transportation for the different types of natural gas. Additionally, the proposed solution will give industry players the capability to track, share or exchange aspects relating to data using the VeChainThor Blockchain. That gives the relevant authorities the power to further audit the LNG market since all information is set to be certified by a third-party entity.
In perspective, China is a massive importer of LNG, second only to Japan. To adequately meet the rapid increase for the LNG imports, China is constructing new LNG industrial parks that are set to utilize the VeChainThor's technology. These LNG parks are established to use the blockchain technology in matters of imports, tracking, transportation, and trading to handle large quantities with care, efficiency and transparency. Fusing the blockchain technology and IoT could prove beneficial in critical aspects of the economy like energy.
Shanghai Gas Background
Shanghai Gas is a subsidiary of the Shenergy Group Company Limited that covers the investment, operation, construction, and sale of natural. The firm controls over 90% of the gas market with its scope in production, networking, and marketing of manufactured and liquefied gas. ENN Energy Holdings operates as an investment holding company engaging in the financing, cooperation, management, sale and distribution of gas pipeline infrastructure and bottled gas.