ENN, a renowned energy service provider in China is keen on working closely with VeChain to digitize its operations based on VeChainThor Blockchain technology. This partnership traces back to the strategic cooperation agreement signed by ENN, VeChain and Shanghai Gas at the China International Gas & Heating Technology and Equipment Exhibition 2018 to develop a VeChainThor Blockchain-based LNG Solution. Shanghai Gas is a state-owned company and accounts for more than 90% of Shanghai’s total gas market.
As part of the agreement, ENN will take care of the design and construction of LNG-related business and VeChain will offer its blockchain core technology and the necessary software services. Shanghai Gas will see the expansion of this solution to the nationwide market.
In a recent press release by VeChain, it has stated that they are moving ahead with the next phase and the company will work closely with ENN to promote the blockchain-powered model and implement it in other LNG projects as well. Based on the recent market trends, the demand for LNG (Liquified Natural Gas) is expected to be very high. ENN is trying to capitalize on this demand and has turned to blockchain technology to optimize quality control and supply chain management.
VeChainThor Blockchain is combined with IoT to validate data and to regulate supply-chain management. The data collected will be encrypted and uploaded to the blockchain. The encrypted data will be cross-validated and will be made available to ENN for further use. The blockchain model was initially adopted by Zhoushan LNG Storage and Distribution Center and was later expanded to other LNG projects.
VeChain has been the forerunner in empowering business enterprises with blockchain technology to optimize their workflow and reinforce the security of data. The company recently had partnered with Bright Food to launch Brightcode to ensure food safety. The company currently has operations in Singapore, Luxemburg, Tokyo, Shanghai, Paris and San Francisco and is aiming to boost its global presence.
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