Shanghai Gas provides energy coverage for the greater Shanghai Metropolitan area. They will be collaborating with VeChain to develop and push out a blockchain-backed energy project. The goal of the partnership is to optimize business processes, improve supply chain efficiency, reduce operations cost and build a trust-free “Energy-as-a-Service” ecosystem.
China is one of the leading forces of the global demand for natural gas. The country is facing challenges when it comes to effectively managing its domestic market. Transparent solutions are highly necessary for the industry. Blockchain technology is now stepping in as a viable solution.
Shanghai Gas has partnered up with ENN and VeChain in order to deploy the Pilot Blockchain-Enabled LNG (Liquified Natural Gas) Solution. The pilot project has been a success, and based on this outcome Shanghai gas has decided to enhance the collaboration. This leads to the decision to further progress the blockchain-based energy project.
First Phase Description From Yahoo Finance
“In the first phase of this project, the LNG delivery information and the component information of the storage tank, which shows the quality of LNG will be collected and uploaded onto the VeChainThor blockchain by leveraging the one-stop BaaS Data Platform – VeChain ToolChainTM. As a result, the solution significantly eliminates information barriers in the supply chain, contributes to a transparent product process, and provides a reliable database for LNG risk management. The project will involve all stakeholders, both upstream and downstream in the entire supply chain for the contribution to the creation of a blockchain-based energy ecosystem in the future.”
The global COVID-19 pandemic has caused a huge demand for a digital transformation. Shanghai Gas has been able to maintain its business operation online due to the success of the first phase.
Launched in 2015, VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco. Together with our strategic partners PwC and DNV GL, we have established cooperative relations with many leading enterprises in different industries, including Walmart China, BMW, BYD Auto, Haier, H&M, LVMH, D.I.G, ENN, AWS, PICC, ASI, etc. For more information about VeChain, please follow our twitter @vechainofficial or visit our official website www.vechain.com.