In an impressive move, ENN, one of China’s leading energy providers, is using blockchain technology to trace the supply of natural gas. Reportedly, ENN Energy Holdings is exploring the use of VeChainThor technology to meet the energy requirements of 94.57 million people in 187 cities of China. The goal is to exercise better quality control and supply chain management.
The VeChain Foundation has been working with ENN and the state-owned Shanghai Gas since 2018 to develop a blockchain-based solution to track the supply of liquefied natural gas (LNG). The details of the cooperation were recently highlighted by the Deputy General Manager of Domestic Trade Group at ENN, Tao Zhou.
How Does It Work?
The Foundation revealed that the data related to the ENN’s supply chain is accurately and efficiently stored in the blockchain technology with the help of IoT technologies and VeChainThor.
The process is explained on On VeChain Foundation’s Partner Update and Spotlight Series:
“Upon arrival, the gas will be injected into different tanks, from there each tank of gas is assigned a tank number, associating with the relevant data stored on the blockchain. When trucked out to retailers, logistics information and the LNG quality reports will be uploaded to the blockchain as well.”
Zhou spoke to VeChain about how the VeChainThor Blockchain has brought value to the ENN Energy Trading Group. He said:
“We’re glad to have this opportunity to cooperate with innovative technology companies like VeChain to create new ways of trading and information processing for the energy industry. From our experience in the past year, the integration of blockchain into the energy industry is possible.”
Looking Beyond LNG
Zhou is quite positive about the whole development and plans to develop and execute similar plans on a larger scale. ENN intends to turn the Zhoushan LNG Terminal into a model for future roll-outs. The objective is to extend its capacity of shipping 60 truckloads per day to 400 per day. Zhou further plans to implement a similar model at 20 other terminals in China.
Further, ENN doesn’t want to limit the possibilities of using VeChainThor to LNG, but instead envisions to introduce similar implementations in other related fields like thermal energy, renewable energy, oil and gas and more, and might even introduce a similar model in banks and mortgage companies.
It’s of no surprise that VeChain is being deployed in this sector, as they’ve been consistently working over the past years to provide a useful and practical tool for enterprises.
As the business scenarios continue to grow with the adoption of blockchain technology, VeChain is positioning themselves as a game-changer in the field, effectively bridging the gap between business and technology.
Their role in streamlining the energy industry looks promising, and we’re sure, this will encourage other energy companies to follow the same path.
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