VeChain Inks Blockchain Deal for Chinese LNG Solution

Chinese enterprise blockchain company VeChain announced a deal for a liquified natural gas (LNG) management solution that will leverage the VeChainThor Blockchain.

The partners are two of the leading Chinese energy and gas companies, ENN Energy Holdings and state-owned Shanghai Gas.

In the introduced solution, ENN Energy Holdings Limited is responsible for the design and system construction of LNG-related business scenarios and is providing the necessary vehicles/equipment.

In the pilot rollout of this solution, ENN Energy Holdings Limited will provide the onsite technical team and testing locations working within their existing businesses. As an extension of the pilot and surrounding tests, ENN Energy Holdings Limited also will be one of the operating parties in the commercial landing projects.

VeChain is responsible for providing blockchain core technology and the necessary software services.

Shanghai Gas is the overseeing party who ensures the solution expands across the national LNG market and has already connected a host of similar companies to the expansion of this solution. Their role within the solution is to provide policy guidance ensuring government mandates and related process management.

Shanghai Gas will provide resource coordination and support for the development of LNG-related businesses within the commercial landing project to facilitate its national expansion.

The solution handles the quality assurance process including classification standards, weighing practices, and transportation process for the different types of natural gas. All information is certified by a third-party authority and uploaded to the VeChainThor Blockchain to establish credible industry standards per government mandates.

From there, all aspects related to the data will be tracked, shared, and traded using the VeChainThor Blockchain which will be used for further auditing the LNG market.

The online LNG trading exchange for this solution will use Greatgas.cn affiliated to ENN Energy Holdings Limited. VeChain is responsible for providing backend blockchain infrastructure technology for this exchange. The VeChainThor Blockchain will be used for processes and procedures currently on the website, including the storage of qualification certificates and SKU inspection reports.

Zhoushan LNG Storage and Distribution Centre will be the first to implement this solution during the pilot phase prior to a broader rollout. The Centre includes 3 docks, 2 all-inclusive LNG storage tanks, 14 tank truck loading rafts, high-pressure IFV gasification facilities, high-pressure external transmission, cold energy power generation and other supporting technologies and auxiliary facilities. The annual processing capacity of LNG at this plant is 3 million tons.