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VeChain and Shanghai Gas Giant Launch Joint Energy Blockchain Project
01 April 2020 16:50, UTC
By Anna Martynova
The energy supply company Shanghai Gas Group continues to work with VeChain to develop and implement an energy project using the blockchain. The goal of cooperation is to optimize business processes, reduce operating costs, increase the efficiency of the supply chain and create a reliable ecosystem of “energy as a service”.
In 2017, the National Development and Reform Commission of China unveiled a roadmap for creating a reliable national network, but the lack of information exchange between stakeholders created serious difficulties. A transparent solution was needed for the industry, for which the blockchain technology was used.
The largest energy supplier in the domestic energy industry, Shanghai Gas Group, has partnered with ENN and VeChain to introduce a pilot blockchain solution, Liquid Natural Gas Solution. Based on the success of the pilot project, Shanghai Gas Group expands cooperation and launches a blockchain-based energy project.
At the first stage of this project, information on the delivery of liquefied natural gas (LNG) and information on the components of the storage tank, which shows the quality of LNG, is collected and uploaded to the VeChainThor blockchain using a one-stop BaaS Data platform — VeChain ToolChainTM. As a result, the solution removes information barriers in the supply chain, promotes a transparent production process and provides a reliable database for LNG risk management.
Image courtesy of Medium
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