In July 2019, one of the most respected and largest natural gas distributors in China, ENN Energy Holdings Limited, partnered VeChain to ensure quality control and proper supply-chain management with the use of VeChainThor blockchain.
One of the outcomes of the partnership is that the Shanghai Gas Group announced the completion of the project which is aimed at transforming the Liquefied Natural Gas industry digitally.
As revealed in a report, the first stage of the LNG blockchain project has been completed with the support of VeChain blockchain technology. The completion is regarded as a great step toward achieving a transparent system within the industry.
VeChain blockchain offers an approach that allows for effective and efficient data verification and sharing, intelligent cooperation, and digitalization of information in the industry.
The Shanghai gas group is now able to upload and search key data through blockchain while it operates the LNG storage tank. The gas group now have easy access to information like pickup quantity, gas quality, order information, and gas pressure at different points, among others.
The innovation makes it easy for companies to share quality and immutable data through blockchain technology and cloud service. Also, enterprises like insurance, logistics, and banks in the LNG industry are also benefited with well-analyzed data.
Aside from VeChainThor Blockchain, ENN also leverages IoT technology to ensure quality control as well as track keeping of records.
The second phase of the project is expected to kick start as soon as possible, and it will be dedicated to operations like innovative finance, logistics management, and energy trade.
It has been observed that the Chinese energy industry has been expanding at a great pace in recent years, hence, innovations like this is expected to boost activities in the LNG industry.