China's commitment to being a world leader in clean energy adoption and the reduction of carbon emissions has taken a significant step forward today with the announcement of a liquified natural gas (LNG) management solution, enabled by the VeChainThor Blockchain. The blockchain solution is the result of a new joint initiative between VeChain and two of China's leading energy and gas companies ENN Energy Holdings Limited and Shanghai Gas (Group) Co., Ltd. The formal announcement of this new LNG initiative was announced at The China International Gas & Heating Technology and Equipment Exhibition 2018 hosted by the China Gas Association.
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
