VeChain Finishes Blockchain LNG Gas Management Test In China!
The Shanghai Gas Group concluded the trial of a liquefied natural gas (LNG) blockchain project for data sharing, described Shanghai Daily. Shanghai Gas managed the first phase of the initiative in association with blockchain firm VeChain, which granted the technology and other services.
In late 2018, Shanghai Gas, a unit of state-owned Shenergy Group, declared it was operating with VeChain for an LNG management solution. At the time, the companies stated the project would concentrate on giving quality assurance for various types of natural gas.
Now, the first phase of the project has been developed, and VeChain’s blockchain solution was utilized to upload and explore data about an LNG storage tank. This involves the quality of gas, which is regularly given by a third party company, as well as order data and pickup quantity. LNG storage tanks are generally temperature-controlled and covered to preserve the natural gas.
The solution allows the seamless distribution of data over other stakeholders in the value chain. This involves banks, logistics firms, and insurance companies, who could manage the business based on the immutable data stored on the blockchain. Therefore, blockchain could facilitate better management of LNG storage and trade.
China is recently one of the most significant importers of LNG in the world, partly due to its inclination to use cleaner fuel for power generation. Customer demand is also on the increase, with 40% of gas consumption by urban and industrial areas.
Shanghai Gas will now go into the second phase of the blockchain project, which will examine logistics management, energy trade, and financing options. The aim is to develop ‘energy as a service’ business model.
Singapore-based VeChain allows enterprise blockchain solutions via its VeChainThor protocol, predominantly in mainland China. VeChainThor is a public blockchain.
VeChain has various active projects in China, Walmart China’s food traceability, a tea traceability project, and an insurance solution with PICC. Some other clients of VeChain involve automaker BMW and certification company DNV which is also an investor.
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