- VeChain partners with Chinese energy industry leaders
- Announcement made at an exhibition hosted by China Gas Association
- Aim to streamline the supply chain data in the energy and gas industry
Singapore based blockchain firm, VeChain added another feather in its cap by partnering with two of the top Chinese energy companies to develop a blockchain-based liquefied natural gas solution. This was confirmed in a press release by Marketwatch, published on November 1, 2018.
Blockchain Enabled Clean Energy
In its bid to mitigate carbon emissions and spearhead clean energy adoption, China is leaving no stones unturned.
Two of the leading Chinese energy and gas companies, ENN Energy Holdings Limited and Shanghai Gas (Group) Co. Ltd. have allied with VeChain to jointly develop a liquefied natural gas (LNG) solution, powered by the VeChainThor Blockchain.
The joint initiative was formally announced at The China International Gas & Heating Technology and Equipment Exhibition 2018 hosted by the China Gas Association.
Per the announcement, ENN Energy Holdings Limited will be responsible for providing the necessary equipments/vehicles to help develop the DLT based solution. The energy giant has also been given the responsibility for the design and system construction of LNG-related business scenarios.
Additionally, ENN Energy Holdings Limited will provide the onsite technical team and testing locations within their existing businesses. The company is also slated to be one of the operating parties in the commercial landing projects.
On the other hand, VeChain will provide the core blockchain technology and the necessary software services.
As for Shanghai Gas, it will take a supervisory role to make sure the DLT-based solution expands through the national LNG market. To this effect, the company has already connected a host of industry players to foster smooth expansion of the solution.
Streamlining LNG Supply Chain
The proposed solution will enable the industry players to keep a complete track of gas from its point of origin to distribution.
The DLT enable solution will also keep a record of other specifics – including quality assurance, classification standards, weighing practices, and transportation processes for the different types of natural gas.
Pertinent information will be verified by a third-party authority, and subsequently uploaded to the VeChainThor Blockchain in accordance with the industry standards established by the government authorities.
This will enable the parties involved to track, share, and trade using the VeChainThor Blockchain. The verified data will then be used for auditing the LNG market.