Due to reliance on coal-fire power plant, the massive industrialization growth experienced in China has placed the country as the highest emitter of Co2 amongst nations in the world. This made China aver at the beginning of 2017 that it will scrap plans to construct 85 coal-fired power plants and devote $360 billion into renewable energy by 2020.
In line with such goal, it was announced today that two Chinese top companies that are into renewable energy have partnered with Vechain (VEN) to pilot the energy related activities with blockchain technology.
Aimed at providing liquified natural gas (LNG) management solution, the partnership which featured Shanghai Gas (Group) Co. Ltd and ENN Energy Holdings Limited, was unveiled at the The China International Gas & Heating Technology and Equipment Exhibition 2018.
While the design and system construction of LNG-related business scenarios will be the responsibility of ENN Ltd, Shanghai Gas will be at the forefront providing resource coordination and support for the development, and at the same time make sure that the solution reaches the nooks and cranny of the national LNG market.
Similarly, the latter will also ensure that a number of related companies are well connected to secure expansion of the solution.
Beyond design, ENN Ltd will facilitate onsite technical team, equipment and vehicles.
Vechain’s (VEN) Role In The Partnership
Vechain will be providing software related services and blockchain technology. The online LNG trading exchange will leverage VeChain blockchain infrastructure technology, and VeChainThor Blockchain will be responsible for the procedures and processes that are going on the website to maintain accuracy and security.
Based on the directive of the government, data which will used for the auditing of the LNG market will be tracked, shared, and traded with VeChainThor, as the blockchain technology helps to inaugurate credible industry standards.
While China’s Co2 emission has been reckoned to be more than US and EU in total, the country aims at becoming world leader in clean energy adoption.
At the moment, China is the world’s largest LNG producers and the second-largest importer of LNG, behind Japan. In 2017, the use of LNG in China spiked by 50% and it has been forecasted that by 2020, China will surpass Japan.