Chinese Energy Platform Heads Digital Transformation with Blockchain

Asia Blockchain Review
August 4, 2019

China’s liquefied natural gas (LNG) market is rapidly expanding, with 280 billion cubic meters of natural gas consumed in 2018. Local energy service provider ENN Energy Holdings Limited recently announced plans to adopt VeChainThor Blockchain in order to enhance quality control and supply-chain management. 

A Collaboration Between VeChain and ENN

According to a statement from the company, ENN operates 187 projects serving over 94 million people in China. VeChain is a leading enterprise-level public blockchain platform.

Tao Zhou, deputy general manager at Domestic Trade Group and ENN Energy Trading Group, said blockchain technology will help streamline ENN’s operations by improving efficiency. He added:

“The composition, calorific value, and gasification rate of LNG vary depending on sources and processing, given that, to ensure quality and safety, it’s essential to keep track of the relevant data in a timely and accurate manner.”

Zhou also noted that the data are traditionally recorded by different personnel on the supply chain and manually transmitted through various communication tools – a time-consuming process vulnerable to human error. 

In August 2018, ENN, VeChain, and Shanghai Gas inked a strategic cooperation agreement to develop a VeChainThor Blockchain-based LNG solution.

Implementing the Internet of Things for the Energy Industry

For the energy project, VeChainThor Blockchain is being implemented with IoT devices to facilitate supply-chain management. This will in turn allow LNG data to be cross-validated and verified on the blockchain.

For the next steps of the project, ENN said it will closely work with VeChain to use this model with other LNG projects and various business use cases, with the goal of generating more value for both the economy and end consumers.

Source: https://www.thaimediapr.com


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