Shanghai Gas has expanded its partnership with VeChain to optimize the operations of its grid network and to reduce operational costs leveraging a blockchain-enabled platform.
The deployment follows a successful pilot conducted with VeChain and ENN to improve business processes, the supply chain efficiency and to build a trust-free “Energy-as-a-Service” ecosystem.
The deployment of the blockchain technology VeChainThor Public platform follows an increase in demand for digital transformation due to the global outbreak of the COVID-19.
The system will enable Shanghai Gas to automate logistics management, energy trading, processing of financial products and engagement with key stakeholders around the energy industry.
In the first phase of this project, the LNG delivery information and the component information of the storage tank, which shows the quality of LNG will be collected and uploaded onto the VeChainThor blockchain by leveraging the one-stop BaaS Data Platform – VeChain ToolChain. As a result, the solution significantly eliminates information barriers in the supply chain, contributes to a transparent product process, and provides a reliable database for LNG risk management.
The energy transition is a hot topic disrupting the utility industry in Asia and will be a key focus at Enlit Asia which takes place in Jakarta, Indonesia from 23-25 March. For more details click here.