VeChain Working with Major Chinese Energy Companies for a Blockchain-Enabled LNG Solution

VeChain has partnered with two of the prominent energy and gas companies ENN Energy Holdings Limited and State-owned Shanghai Gas (Group) Co., Ltd. companies in China to work on a pilot of Blockchain enabled Liquified Natural Gas(LNG) management Solution.

The announcement of this new initiative was made at the “China International Gas & Heating Technology and Equipment Exhibition 2018” hosted by the China Gas Association according to the company’s Press Release.

As a part of the pilot, ENN Energy Holdings will be providing the onsite technical team and testing locations working with their existing businesses, it will also be one of the operating parties in the commercial landing projects.

VeChain will provide the core Blockchain technology and other necessary software services, Shanghai gas is the overseeing party whose role is to provide policy guidance and help with the government related processes.

VeChain Thor Blockchain is used to track and store credible data certified by a third-party authority which will be used further to audit the LNG market.

The Press Release also mentions Zhoushan LNG Storage and Distribution Centre to be the first to implement the solution

The Centre includes 3 docks, 2 all-inclusive LNG storage tanks, 14 tank truck loading rafts, high-pressure IFV gasification facilities, high-pressure external transmission, cold energy power generation and other supporting technologies and auxiliary facilities. The annual processing capacity of LNG at this plant is 3 million tons.

Blockmanity’s Take

ENN Energy Holdings is one of the prominent clean Energy companies with over $85 Billion in market cap. Shanghai Gas is a state-owned urban gas company, by working with giant companies VeChain is slowly moving on to conquer the Blockchain space especially in China.

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