VeChain (VET) and Shanghai Gas Group Complete LNG Blockchain Project
According to March 30, 2020, report by Chinese media outlet Shine, the Shanghai Gas Group – with aid from VeChain (VET) – has successfully completed the first phase of a liquefied natural gas (LNG) blockchain project that aims to foster data sharing and intelligent cooperating in the energy industry.
Shanghai Gas Group and VeChain Conclude Phase One
In a major step toward pushing data sharing and intelligent cooperation in the energy industry, the Shanghai Gas Group and Singapore-based supply chain distributed ledger technology (DLT) project VeChain recently stated that they had completed the first phase of a liquefied natural gas blockchain initiative.
Per sources close to the matter, the project leverages VeChain’s blockchain prowess to provide digitized information and DLT verification services to benefit business progression. The report adds that the LNG store tank of No. 5 ditch in Shanghai operated by the Shanghai Gas Group is now able to upload and search key data through blockchain. Such data includes the quality of gas, order information, and pickup quantity, among other metrics.
It is estimated that this blockchain initiative will help break down information barriers for enterprises in the LNG industry including logistics, banks, and insurances. The project will also help companies share relevant data through blockchain and cloud services to better their safety and production management while trading.
Notably, in recent times, the LNG market in China has expanded substantially, with the government introducing regulations pertaining to terms of price control and third-party access system made to propel market competition and benefits users.
The report adds:
“Based on current data, the second phase of the project will focus on comprehensive services including logistics management, energy trade and innovative finance to further explore the “energy as a service” business mode.”
VeChain Establishing Dominance in DLT Supply Chain Space
Singaporean DLT supply chain project VeChain has been steadily making its presence felt in the fragmented global supply chain industry.
As reported by BTCManager on March 1, 2020, U.K.-based fashion brand Sarah Regensburger had stated that it would be deploying VeChain’s blockchain-based supply chain solution to enhance transparency and traceability in the fashion industry.