Shanghai Gas (Group) Co., Ltd., a Shenergy Group Company Limited subsidiary, will collaborate with VeChain on a cryptocurrency energy initiative. They want to increase supply chain efficiency, lower prices and create a trust-free “Energy-as-a-Service” environment.
As one of the significant needs motorists for natural gas, China faces difficulty effectively managing its domestic market. A lack of information sharing among stakeholders has impeded the NDRC’s 13th Five Year Plan on Energy Development. So, a more transparent alternative is required, and blockchain technology has appeared as a feasible solution.
ENN and VeChain partnered with Shanghai Gas to consequently deliver the Blockchain-enabled LNG Pilot Solution. Considering the pilot program’s success, Shanghai Gas has decided to expand the relationship and start a new blockchain-based energy initiative.
One-stop BaaS Platform
VeChain ToolChainTM, the project will collect and upload the LNG transport and storage tank component information into the VeChainThor blockchain. As a result, the technology improves product transparency and provides a reliable database for LNG risk management. The initiative will involve all stakeholders downstream and upstream in the supply chain to create a future blockchain-based energy economy.
The global COVID-19 epidemic has increased interest in digital transformation. This is due to the global COVID-19 outbreak. The first phase’s success allowed Shanghai Gas to stay online and laid the groundwork for the entire digital transformation roadmap.
It has also produced a long-term strategic plan with key energy industry players.
So, the “Belt and Road” countries will have access to a broad and active natural gas market in the future. On December 31, 2018, the proven natural gas reserves along the “Belt and Road” accounted for 156.3 trillion cubic meters, or 79% of the world’s proven natural gas reserves. In fact, the “Belt and Road” countries consumed 1685 million tonnes of oil equivalent or 51% of global gas consumption.
Modern digital technology and infrastructure companies will be key actors in the “Belt and Road” program. The Belt and Road Initiative Blockchain Alliance (BRIBA). Indeed, VeChain is confident in allowing businesses and benefiting all stakeholders.
About Shanghai Gas Co.
Shanghai Gas (Group) Co., Ltd. is an entirely subsidiary company of Shenergy Group Company Limited. Manufacturing and distribution of manufactured gas and liquefied gas operations incorporated in the Company’s business scope. Even rank #1 in China in terms of client size and storage & transportation capabilities.
About VeChain
VeChain, launched in 2015, intends to integrate blockchain technology into the real world by integrating IoT. Hence, it has offices in Singapore, Tokyo, Shanghai, Luxembourg, Paris, San Francisco, and Hong Kong.
